Hungary Insurance Industry – Governance, Risk and Compliance
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Hungary Insurance Industry Regulation Overview
The Central Bank of Hungary (Magyar Nemzeti Bank – MNB) regulates the insurance industry in Hungary . The other bodies that oversee the market are the International Association of Insurance Supervisors (IAIS) and the European Insurance and Occupational Pension Authority (EIOPA).
The Hungary Insurance Industry Governance Regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Central Bank of Hungary (Magyar Nemzeti Bank – MNB)
· International Association of Insurance Supervisors (IAIS) · European Insurance and Occupational Pension Authority (EIOPA) |
Compulsory Insurances | · Motor third-party Liability Insurance
· Marine Liability Insurance · Social Security Insurance · Professional Liability Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Hungary Insurance Industry – Key Regulators and Legislation
Central Bank of Hungary (Magyar Nemzeti Bank – MNB): The MNB is the central bank of Hungary and a member of the European System of Central Banks. It carries out its tasks and obligations independently following the MNB Act 2013. The MNB is responsible for the supervision, control, and regulation of the Hungarian financial industry, including the insurance industry. In addition, the MNB is responsible for supporting the government in developing economic policy, promoting the stability of the financial system, and managing official reserves in foreign currency and gold.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
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Hungary Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Hungary insurance industry are:
- Motor third-party Liability Insurance
- Marine Liability Insurance
- Social Security Insurance
- Professional Liability insurance
Hungary Insurance Industry Analysis by Compulsory Insurances
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Hungary Insurance Industry - Company Registration and Operation
Insurers and reinsurers are required to obtain a license to operate in the country. For insurance intermediaries, According to Section 371 of the law stipulates that those intermediaries registered from another EU Member State can operate in Hungary. They can do business by establishing a branch or in the form of cross-border services without registering with the regulator to perform intermediation activities in Hungary.
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Hungary Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Hungary. The other taxes imposed are Corporate Income Tax (CIT), Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Corporate income tax is imposed on a company’s accounting profits. Resident companies are taxed on their worldwide income while non-resident companies are taxed only on their Hungarian sourced income. Corporate income tax is imposed at a flat rate of 9% in Hungary.
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Scope
This report provides:
- Details of the insurance regulatory framework in Hungary.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations on the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
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.
Reasons to Buy
- Get insights into the insurance regulatory framework in Hungary.
- Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Track the latest regulatory changes and expected changes impacting the Hungary insurance industry.
- Get detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
- Understand key regulations and market practices on various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Hungary insurance industry?
The Central Bank of Hungary (Magyar Nemzeti Bank – MNB) is the key regulator of the Hungary insurance industry.
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Which are the other bodies that oversee operations in the Hungary insurance industry?
The International Association of Insurance Supervisors (IAIS) and the European Insurance and Occupational Pension Authority (EIOPA) among others oversee the Hungary insurance industry.
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Which are the compulsory insurances required within the Hungary insurance industry?
Some of the compulsory insurances required within the Hungary insurance industry are motor third-party liability insurance, marine liability insurance, professional liability insurance, and social security insurance among others.
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What are the types of taxes imposed upon the Hungary insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Hungary. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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