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PSzÁF fines CIG Pannonia for shortfalls

Hungarian financial market watchdog PSzÁF said last week that it fined CIG Pannonia life insurer a combined HUF 8 million for prudential and consumer protection shortfalls. PSzÁF prohibited CIG Pannonia from mixing life insurance with general insurance activities. CIG Pannonia misled clients when it said they could “recoup fees” on unit-linked products, PSzÁF said.