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Watchdog fines Groupama, MÁV Insurance

The State Financial Institutions Supervision (PSzÁF) imposed a Ft 800 million fine on Groupama Insurance Rt and MÁV General Insurance Association since neither of the two companies met their legal obligations to provide information to the Central Data Processing, Records and Election Bureau of the Interior Ministry. Moreover, Groupama failed to make certain cash payments in a timely manner. PSzÁF obliged Groupama to set up a system that is suitable for handling complaints, while the insurer of state railway company MÁV will have to create a system of up-to-date records.