Insurance Law in Hungary
Insurance Law in HungaryUpdated on Tuesday 17th January 2017
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A new Insurance Act was introduced in December 2014 in Hungary. The main purpose of the act was to prevent financial crisis and to avoid critical economic situations in Hungary. The increased customer protection and financial stability are only some of the goals of the Insurance Act. Our Hungarian law firm is the place where you can find legal assistance in case you confront a difficult situation with your insurance provider.
Main provisions of the Insurance Law in Hungary
The Insurance Law in Hungary is the legal instrument which regulates the insurance environment in this country. Several changes took place in the Hungarian insurance legislation after the integration in EU consequently to the transformations the country went through. The policies stipulate that non-admitted insurance companies (independent companies which are not operating under the particular Hungarian insurance laws) are not allowed, thus implying that all carriers must conform to the Hungarian regulations concerning fees and rates and to pass the state’s admitting regulations. This leads to increased security and to protection in case of insolvency keeping as well the insurance rates at lower costs.
The Insurance Act in Hungary permits reinsurance, thus allowing global carriers to participate in the Hungarian insurance market. Our Hungarian lawyers are ready to help you familiarize with the Insurance Law in Hungary in order to make use effectively of the indemnity services provided in this country.
Implications of the Insurance Law in Hungary
The Insurance Law in Hungary grants the interests of both insurers and clients. The policies improve consumer protection which leads to financial stability and increased popularity of the insurance services.
The Act is not allowing the initiation of bankruptcy procedures against admitted carriers, thus strengthening the insurance market. The effectiveness of the insurance market is enhanced by all the measures stated in the Insurance Act.
Don’t hesitate to contact our Hungarian law firm for professional legal advice regarding the laws which regulate the insurance market in this country.