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PSzÁF fines insurer CIG for shortfalls

Hungarian financial market regulator PSzÁF has fined Hungarian-owned insurer CIG Közép-európai Biztosító HUF 3 million for deficiencies and ordered it to submit a three-year financial plan within 90 days.

CIG must also send PSzÁF an accounting of its activities in 2008, and it must establish the conditions for calculating its net asset value.

CIG spokesman Gábor Missura said the recently established insurer was started from scratch, so there could be small administrative shortfalls, but these will be corrected. (MTI – Econews)