MNB fines insurers on charges of unlawful rejection
The National Bank of Hungary fined insurers K&H Biztosító HUF 200 mln and Groupama Garancia Biztosító HUF 100 mln on charges of unlawful rejection of writing third party insurance contracts for trailers, MNB announced in Friday.
The central bank added that it mandated both insurers to always accept such coverage if requested by clients, regardless of the size of the trailers.
Hungaryʼs central bank took over consumer protection and market oversight functions of former financial market watchdog PSZAF – in addition to oversight of money, capital and insurance markets – late 2013 when PSZAF was integrated into the bank.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.