“• 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.”
