Summary
GlobalData’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 operation of insurance and reinsurance companies and intermediaries.
The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Hungary, including -
- An overview of the insurance regulatory framework in Hungary.
- The latest key changes, and changes expected in the country’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.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
Key Highlights
- MNB regulates the Hungarian insurance industry.
- The new Solvency II regime is applicable from January 1, 2016.
- 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.
Scope
- The report covers details of the insurance regulatory framework in Hungary.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to buy
- Gain insights into the insurance regulatory framework in Hungary.
- Track the latest regulatory changes, and expected changes impacting the Hungarian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
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Table of Contents
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Air carriers and aircraft operators’ liability insurance
2.4.3 Workers’ compensation insurance
2.4.4 Marine liability insurance
2.4.5 Professional indemnity insurance for alternative investment fund managers
2.4.6 Professional indemnity insurance for insurance brokers
2.4.7 Liability for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 European Insurance and Occupational Pensions Authority
2.5.3 Magyar Nemzeti Bank
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxations
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
3.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Hungary - Insurance Regulatory Framework Key Features
Table 3: Hungary - Life Insurance Regulatory Framework
Table 4: Hungary - Property Insurance Regulatory Framework
Table 5: Hungary - Motor Insurance Regulatory Framework
Table 6: Hungary - Bonus-Malus System for Passenger Cars and Motorcycles
Table 7: Hungary - Bonus-Malus System for Trucks, Buses, Tractors and Other Commercial Vehicles
Table 8: Hungary - Liability Insurance Regulatory Framework
Table 9: Hungary - Minimum Coverage for Aircraft Third-Party Liability per Accident and Aircraft
Table 10: Hungary - Insurance Premium Taxation
Table 11: Hungary - Corporate Tax Rates for the Financial Year 2018
List of Figures
Figure 1: Hungary - Insurance Supervision and Control at Various Levels
Figure 2: Hungary - Insurance Regulatory Frameworks for Company Registration and Operation
