Non-admitted Insurance is Prohibited in Hungary

Date: 2015-09-01

“• The Hungarian insurance industry is regulated by the Central Bank of Hungary (Magyar Nemzeti Bank – MNB).

• Composite insurance is not allowed in Hungary. However, a life insurance company can underwrite accident and health insurance.

• Non-admitted insurance is prohibited in Hungary. However, insurance and reinsurance companies from EEA and EU member states are permitted to operate without a license.

• Motor third-party liability insurance is mandatory in Hungary.

• The new Insurance Companies and Insurance Activities Act 2014 was issued in December 2014, repealing the Insurance Companies and Insurance Activities Act 2003.

• The new Solvency II norm will be applicable from January 1, 2016.”

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