Central bank withdraws health insurance fundʼs license

In Hungary

Image by Jessica Fejos

The National Bank of Hungary (MNB) yesterday revoked the operating license of health insurance fund PRO V1TA and initiated its liquidation, the central bank said on its website yesterday, according to Hungarian news agency MTI.

Following a targeted audit conducted by the central bank at the fund, the MNB found “serious and repeated violations” in the regulations governing the fund’s operations, jeopardizing the interests of members, MTI reported. The central bank banned the health insurance fund from disposing of the funds assets until the start date of the liquidation, MTI reported 

On March 3 last year, a temporary payment moratorium was ordered by the central bank concerning the fund pool affecting fund membersʼ individual health insurance accounts given that the fund kept a substantial portion of its assets with members of the DRB Bank group whose operating licenses were revoked by the MNB, the news agency reported.

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