Association of Hungarian Insurance Companies Consumer Protection on the Hungarian Insurance Market
Brief Overview of the Hungarian Insurance Market • 64 insurance undertakings consisting of: • 27 insurance companies • 15 branch offices of insurance undertakings based in other member states • 22 mutuals and mutual-type undertakings • 33 MABISZ-member undertakings • 25 companies • 6 branch offices • 2 mutuals • 654 insurance undertakings based in other member states registered by the Hungarian National Bank in the framework of cross-border services (FOS) 2
The System of Consumer Protection in the Hungarian Insurance Sector • Legal background: insurance law, regulations, recommendations of the National Bank • Supervisory authority: National Bank of Hungary • Supervision of banking and insurance sector • Financial Mediation Body (PBT) • Financial Consumer Protection Centre • NGOs • Insurance Association (MABISZ) 3
Organizational Structure and Functioning of the Association • Two independent branches • Association / Motor Insurance Bureau • Regulated by the MTPL law 4
The Role of MABISZ in Consumer Protection • Contact Center • Call center and customer service • Handling of complaints regarding insurance companies – mediation • Effectiveness: 5
The Role of MABISZ in Consumer Protection • „Premium Navigator” aggregator website • the only complete online calculator • With consent of the competition authority • Unit-linked Total Cost Indicator (TKM) • Unique solution in Europe • enables the comparison of unit-linked life product costs • Will be considered in the PRIPS preparatory works • Standardized GTA structures in household insurance products • Cooperation with authorities • National Bank • Police • Undersecretary of State for Consumer Protection (Ministry of National Development) • Participation in legislation preparative works • „Consumer Friendly Insurer” Award • Code of Ethics and Competition 6
Key Problems in Consumer Protection in Financial Services in Hungary • Foreign currency mortgage credit products • Recent bank and insurance company insolvencies • Claims handling • claims management companies, lawyers • Ukraine crisis • May affect international claims handling • FOS/FOE activities • potential problem • supervisory gaps • Data protection 7 • data exchange
Thank you for your attention! 8
Recommend
More recommend
