PSzÁF suspends activities of Marsh until October 31
Wednesday, October 5, 2005, 12:11
Financial market regulator PSzÁF has prohibited the Hungarian unit of Marsh, a big insurance broker, from signing any more new contracts until October 31 for failing to keep its records up to date, PSzÁF announced. Marsh must bring its record-keeping system in line with regulations by the end of October, PSzÁF said. Both József Klinger, Marsh's managing director in Hungary, and PSzÁF declined to comment on PSzÁF's resolution. Marsh had revenue of Ft 1.2 bln last year, nearly tying for top
position on Hungary's insurance broker market with the leader Eurorisk. A few days earlier, PSzÁF also fined Marsh Ft 100,000 for failing to submit its annual report to PSzÁF, in spite of receiving a request.