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PSzÁF fines insurance brokers HUF 200,000 each

Hungary's financial market regulator PSzÁF has fined the insurance brokers Inno Central, Global, Horico, Euro-Alkusz and Director Delta HUF 200,000 (€707) each and has ordered the companies to certify that they have a liability insurance contract, PSzÁF said on its website.

PSzÁF told MTI on Wednesday that insurance brokerages must possess liability-insurance coverage worth €1,120,200 per damage incident or €1,680,300 per year. PSzÁF said that brokers must inform the organization of the cancellation of liability insurance within two working days. They must have such an insurance to operate or they face sanctions. (MTI-Econews)