UNION Vienna Insurance Group Insurance Ltd.

UNION Vienna Insurance Group Biztosító Zrt. has been the subject of several MNB enforcement actions in recent years. In October 2023, the MNB fined the insurer HUF 15 million following a follow-up inspection that found earlier compliance problems (identified in a June 2021 decision) had not been fully remedied. In May 2024, the MNB imposed an additional HUF 10 million supervisory fine for deficiencies in electronic communication with customers. In December 2024, following a comprehensive audit covering the period from 15 June 2021, the MNB imposed a combined supervisory and consumer-protection fine of over HUF 14.5 million (HUF 12.5 million supervisory plus HUF 2.16 million consumer-protection) for violations in unit-linked life insurance investment practices, product oversight and governance, contract content, outsourcing, motor claims handling, customer information and complaints handling, with corrective measures due by 31 May 2025. Most recently, in May 2025 the MNB fined nine Hungarian insurers, including UNION, a combined total of HUF 103 million over deficiencies in product oversight and governance for bank-channel group loan-protection insurance products, requiring written remediation reports by 31 March 2026. In each case, the MNB stated that identified deficiencies did not threaten the insurer's safe operation. UNION operates under MNB licence H-EN-II-113/2016.