An overview of the insurance regulatory framework in Hungary.
The latest key changes and changes expected in Hungary’s insurance regulatory framework.
Key regulations and market practices related to different types of insurance product in the country.
Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Hungary.
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Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.
Details of the tax and legal systems in the country.
Executive summary
Timetric’s 'Governance, Risk and Compliance - The Hungarian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Hungary. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.
The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
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Scope
This report covers details of the insurance regulatory framework in Hungary.
The report contains details of rules and regulations governing insurance products and insurance entities.
The report lists and analyzes key trends and developments pertaining to the Hungarian insurance regulatory framework.
The report analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.
The report provides details of taxation imposed on insurance products and companies.
Reasons to buy
Gain insights into the insurance regulatory framework in Hungary
Track latest regulatory changes and expected changes impacting the Hungarian insurance industry
Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country
Understand key regulations and market practices relating to various types of insurance product
Key highlights
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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