HUNGARY: UNIQA Biztosito fined by regulator

26 September 2019 — Cosmin CONCEATU
Hungarian branch of UNIQA was fined with HUF 108 million (~ EUR 320,000) by the Central Bank of Hungary (MNB), following an investigation from the regulator who found several problems regarding internal control, insurance portfolio management and customer service.

MNB imposed a fine of HUF 76 million (~ EUR 230 thousand) for irregularities regarding internal control, compliance and audit, and a HUF 32 million (~ EUR 96 thousand) consumer protection fine caused by infringements and deficiencies on the insurance portfolio management, mostly on life insurance and MTPL business lines.

"The aggravating circumstance of imposing the fine was that, in several cases, the discovered deficiencies in the accounting and control systems led to unlawful practices and poor communication with the market as a whole," stated MNB in a recent communication.

By December 31st, 2019, UNIQA Biztosito shall provide MNB with information on the measures taken by the company to fix the current problems which caused the infringement.

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