64 insurance undertakings consisting of: 27 insurance companies 15 branch offices 22 mutuals and mutual-type undertakings 33 MABISZ-member undertakings.

Slides:

Advertisements

Similar presentations

Regional Policy EUROPEAN COMMISSION 1 EGTC regulation EGTC regulation ESF and EGTC regulations Regulation of the European Parliament and of the Council.

Advertisements

Deposit insurance in the European Union José María Roldán | 13 Oct 2005.

CLAIMS SETTLING WITHIN AND OUTSIDE THE EUROPEAN UNION.

International insolvency law – basic principles within the European union.

ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE CROSS-BORDER INSOLVENCY.

Bankruptcy and reorganization procedures for cross-border banks in the EU Gillian G.H. Garcia IMF Rosa M. Lastra Queen Mary University of London ESFRC.

Markéta Maříková. In connection with the accession to the European Union on May 1, 2004 came into force the provisions of the Banking Act (No. 21/1992.

ACTUAL STATE AND PERSPECTIVE OF MTPL INSURANCE MARKET IN BiH The International Insurance Forum Insurance Agency of Bosnia and Herzegovina Samir Omerhodžić.

| | Seite 1 Basic Principles of Insurance Supervision Duties and Operation of a Supervisory Authority under Coordinated European Legislation.

EXTRAJUDICIAL SETTLEMENT OF CONSUMERS DISPUTES IN DOMAIN OF FINANCIAL SERVICES – EU AND CROATIA Prof. Čulinović-Herc, Edita PhD University of Rijeka, Faculty.

Consumer Protection Working Party Meeting Sponsor.

Case Study on Payouts Hungary Presented by: Dr. András Fekete-Győr National Deposit Insurance Fund of Hungary Monday, December 8, 2003.

1 Cross-Border Deposit Insurance: Burden Sharing & System Design.

"New instruments of consumer protection in motor insurance" Maria Luisa Cavina Director of Consumer Protection Division, ISVAP Warsaw, 28 September 2009.

GREEN CARD BUREAUX ANDCORRESPONDENTS within the Green Card System Tjaša Korbar Tjaša Korbar Slovenian Insurance Association Slovenian Insurance Association.

The International Insurance Forum – IIF2013 “Motor insurance – The road towards profitability” MONTENEGRO Istanbul, March 2013.

Slovenia One of very few EU countries without a special legal regulation of that topic  Why? Other possibilities? EU Directive on AR for Consumer Disputes.

MTPL market in Russia : Problems and trends March 3 rd - 4 th, 2013 Istanbul 1 Russian Association of Motor Insurers.

Michael Hysek Head of Banking Supervision Financial Market Authority (FMA) Annual Meeting of the EFBS Salzburg, 1 October The FMA and the Austrian.

Student ID:MA3N0202 Name: Li-Wen Chang(Jenny) 1.  What’s the “Financial supervision mechanism”  The Financial Supervisory Commission (FSC)  Case ─

Mariana Gârban - B.A.A.R. “BAAR – at anniversary moment” Sinaia years ago, by the Decision of the Council of Ministers no. 354 from 5 th.

Experiences from a small compensation case Helena Persson Deposit Guarantee Manager Swedish National Debt Office.

Aspects of the implementation of insurance rules and ensuring insurance supervision after enlargement Marcin Kawiński The Insurance Ombudsman Office Poland.

Impact of EU legislation on Polish insurance brokers By Paul Carty Chairman of BIPAR EU Standing Committee By Harald Krauss Director of BIPAR 6th Brokers’

Insurance regulation, dispute- resolution and compensation in the United Kingdom David Thomas corporate director and principal ombudsman Financial Ombudsman.

DIRECTIVE 2003/41/EC ON THE ACTIVITIES AND SUPERVISION OF INSTITUTIONS FOR OCCUPATIONAL RETIREMENT PROVISION ANNE MAHER Chief Executive8 March 2004 The.

CEBS in Brief. The Lamfalussy approach The Lamfalussy approach was first implemented in the securities field following the recommendations of the Committee.

Supervision and regulation of banking system duty is given to a autonomous organization called Banking Regulation and Supervision Agency. BRSA is public.

International Cooperative Banking Association ICBA Paris 21/11/2008 Cooperative Groups and European Legislation Apostolos Ioakimidis Commission of EU,

Meeting with the Romanian Motor Insurers’ Bureau Bucharest 19 th August 2004 Ulf Lemor.

Multifunds and lifestyling in the European Union CEEC Forum seminar on multifunds Sofia, 18 September 2009 Jung LICHTENBERGER Insurance and Pensions Unit.

Green Card System Basic rules Mariusz W. Wichtowski Baku

European Commission, Technical Assistance Information Exchange Unit (TAIEX), DG Enlargement in co-operation with The Bulgarian Chamber of Commerce and.

Strengthening the EMU and the European Financial Area after the Recent Financial and Economic Crisis MOCOMILA Academic Session in cooperation with the.

Pension insurance challenges – Bulgaria in the context of the forthcoming EU accession Apostol Apostolov – Chairman of the Financial Supervision Commission.

Winding-up and exit from the market »1»1 Monica Lindeen Insurance Commissioner State of Montana.

64 insurance undertakings consisting of: 27 insurance companies 15 branch offices of insurance undertakings based in other member states 22 mutuals and.

1 Life insurance with an investment component. Unit-linked products. Ph. D. Małgorzata Więcko-Tułowiecka Attorney At Law The Polish Insurance Ombudsman.

International Relations Department Belgrade, September 28 TH, 2007 NBS PROJECT PROPOSALS.

Undertakings for collective investment in transferable securities (UCITS) Worldbank Global Development Learning Network The Advanced Program in Accounting.

DR MAREK PORZYCKI JAGIELLONIAN UNIVERSITY Reorganisation and winding-up of credit institutions in the EU.

Three pillars of effective cross-border stability framework Stanisław Kluza, Ph.D. Chairman Komisja Nadzoru Finansowego – Polish Financial Supervision.

Single licence in the banking market. All restrictions on freedom of establishment and freedom to provide services in respect of self-employed activities.

Monitoring of SRB Bureau ( – ) Snežana Sremčević, executive manager.

Santiago, 11 October, 2002 To Regulate or Not To Regulate Thoughts to the discussion on regulated versus non-regulated markets Nóra Kiss Hungarian Financial.

Financial Services Commission1 International Insurance Regulation Michael Oliver Director of Insurance Financial Services Commission British Virgin Islands.

Slide 1 Recognition of Professional Qualifications in the European Single Market for Services Henri Olivier FEE Secretary General FEE (Fédération des Experts.

Consumer protection Current issues in the Council of Bureaux Presented by Mariusz W. Wichtowski President Managing Organisation of the International Motor.

Paola Lucantoni Economic and Financial Market Law.

Cristina Daniela OANCEA - B.A.A.R. 9 th Meeting of the South-East European Group National Bureaux The Collaboration of the Romanian Bureau with its Members.

Uninsured driving in Sweden – how to manage the problem Warsaw 8-9 May 2008 Matts Nordell.

Settlement of Claims under Green Card and EU-Motor Directives in Bulgaria Atanas Tabov Chairman , Istanbul MEMBER OF THE COUNCIL OF BUREAUX.

1 M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 9 – Financial Services Bilateral.

INSURANCE MEDIATION (BROKERS AND AGENTS) IN SERBIA National Bank of Serbia Insurance Supervision June 2008.

Task Force on Banking Crisis Resolution Procedures Assonime-CEPS-Unicredit Task Force on Banking Crisis Resolution Procedures Key issues in bank crisis.

M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 9 – Financial services Bilateral screening:

1 M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 17 – Economic and Monetary Policy.

1 M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 9– Financial Services Bilateral.

Azerbaijan Deposit Insurance Fund «Mandate and powers of deposit insurance schemes» 29 April 2014 Azerbaijan Deposit Insurance Fund Mandate.

1 Introduction to EU Banking Directives Laszlo Butt DG Internal Market and Financial Services Banking & Financial Conglomerates Unit.

Regime to apply regarding financial services, such as banking, credit and insurance Audrius LINARTAS Deputy Chairman Insurance Supervisory Commission of.

EU-China Roundtable on Financial Services and Regulation

NATIONAL PROCUREMENT IN LATVIA

Legislations in the UK and EUwhich is aimed at inspiring consumers confidence in the financial sector Nadia Tarik.

Financial Institutions

Review of Motor Insurance Directive

International Insurance Regulation

The EDPS: competences and processing of personal data in EU funds

EU-China Roundtable on Financial Services and Regulation

Competition policy Made by : Mádi Vivien.

Presentation transcript:

64 insurance undertakings consisting of: 27 insurance companies 15 branch offices 22 mutuals and mutual-type undertakings 33 MABISZ-member undertakings 25 companies 6 branch offices 2 mutuals MTPL 15 insurance companies, 1 branch 4,2 million MTPL policies 654 insurance undertakings based in other member states registered by the Hungarian National Bank in the framework of cross-border services (FOS)

ASTRA opened it’s H branch office in 2011 Other branches in SK, D No options: the operating licence of the insurer is valid for all Member States, including FOS/FOE activities Supervisory authority: National Bank of Hungary Supervision of banking and insurance sector No right to deny registration of the branch office No prudential supervision, only consumer protection („home country control”) Member of MABISZ and National Bureau – continuous monitoring Problem: all important decisions are made in Bucharest

Financial recovery Decision of 27/08/2015 of RO FSA end of financial recovery (KPMG) establishing the insolvency triggering the bankruptcy proceedings (winding-up) and withdrawal of the licence of ASTRA ASTRA ceased operations in September – no claims paid Ex lex situation: between the withdrawal of the licence and winding-up The guarantee funds cannot intervene The contracts are still in force

Insurance contracts Contracts in force after withdrawal the licence Termination: only by mutual consent MTPL law amendment: contracts terminated by taking out new MTPL policies Claims Claims after the withdrawal of licence: registered by MABISZ Claims registered by ASTRA before: MABISZ is competent according to law, but all claim/cover documents are at the FGA All claims have to be reported to the FGA (in Romanian), and then to the liquidator

Guarantee schemes RO: FGA HU: Insolvency Fund Constructive, proactive approach Cooperation, common communication with the National Bank Assistance to FGA in claims handling Home Country Control principle What if there will be no winding-up at all? EU regulation inadequate for such occurrences Insurance Guarantee Schemes (IGS) process Commission White Paper (2010): proposes a directive to ensure that IGS exist in all EU countries hopefully catalysed by the ASTRA case

Association Motor Insurance Claims Guarantee Fund Insolvency Fund Green Card Bureau Compensation Body