Hungarian Central Bank fined GROUPAMA HUF 49.5 million

13 January 2021 — Andrei Victor
The Central Bank of Hungary - Magyar Nemzeti Bank (MNB) the regulator and supervisor of Hungarian insurance market fined local insurer GROUPAMA Biztosito HUF 49.5 million (about ~ EUR 137,500) for the violations of MTPL's portfolio management, IT security, remuneration policy, risk management system, and other deficiencies of customer information and complaint handling.

MNB informed here the investigation covered the period from May 2017 to the conclusion of the investigation. "Due to the revealed violations, the Central Bank imposed a supervisory fine of HUF 39.5 million and a consumer protection fine of HUF 10 million on the insurer".

At the same time, "Groupama is required to report on the implementation of the measures prescribed in the MNB's decisions by the end of June 2021".

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