Hungarian authorities impose major fine on Alfa VIG for regulatory violations

The National Bank of Hungary (NBH) has fined insurance company Alfa VIG Biztositó HUF 97m (EUR 246,3m) for regulatory and consumer protection violations, the central bank and financial market watchdog said on Monday.

The NBH found shortcomings related to records on vehicle and home insurance claim payouts, as well yields on some pension products. It also found the insurer had offered “extended” warranties with the same coverage as warranties mandated by law.
The NBH fined Alfa VIG HUF 49m (EUR 124,3) for the regulatory shortfalls and HUF 48m (EUR 121,8 m)  for the consumer protection violations.
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