Multiple agents and brokers may terminate their activities with the MNB’s authorisation if the multiple agent or broker has satisfied all of its financial commitments and liabilities stemming from those activities in relation to handling funds paid by the client to the order of insurance companies, or funds paid by insurance companies to clients.
Use of the Hungarian language is mandatory during the MNB activity authorisation procedure; the customer is required to provide certified Hungarian translations of all documents.
Applications and the relevant attachments must be submitted by economic operators acting as customers or their legal representatives through the MNB’s ‘ERA’ system (Electronic System for Receiving Authenticated Data). Detailed information on e-administration and on the formal requirements of electronic documents can be found on the MNB’s website at the following link:
The administrative time limit is three months starting from the working day following receipt of the application by the MNB.
If the application does not comply with the statutory requirements or it is deemed necessary for ascertaining the relevant facts of the case, the MNB will advise the applicant customer within forty-five days to remedy the deficiencies, also indicating the legal consequences of non-compliance. The MNB is entitled to repeatedly advise the applicant to remedy the deficiencies during the procedure. If the MNB has advised the applicant to remedy the deficiencies, the administrative time limit will be calculated from the day on which the deficiencies are remedied in full.
A detailed guide to the authorisation of termination of multiple agent and broker activities is available at: https://www.mnb.hu/letoltes/3-2-3-1-utmutato-tobbes-ugynoki-es-alkuszi-tevekenyseg-megszuntetesenek-engedelyezese.pdf
An FAQ (frequently asked questions and answers) page on the authorisation procedure for termination of multiple agent and broker activities can be found at: https://www.mnb.hu/letoltes/3-2-3-2-eljarassal-kapcsolatos-gyakori-kerdesek-es-valaszok.pdf
The authorisation procedure for termination of activities is free of charge.
Magyar Nemzeti Bank, Insurance and Pension Funds Licensing and Legal Enforcement Department
The MNB’s ruling terminating the procedure or its resolution rejecting the application may not be appealed; however, customers whose rights or legitimate interests are directly affected by the decision may initiate administrative court proceedings within 30 (thirty) days of the disclosure of the resolution or ruling on the grounds of infringement, by submitting an application initiating proceedings to the Budapest-Capital Regional Court.
Legal representation is mandatory in the court proceedings. The application must be addressed to the Budapest-Capital Regional Court, and submitted electronically through the MNB’s form submission support service.
(The form submission support service can be accessed at: https://www.mnb.hu/felugyelet/engedelyezes-es-intezmenyfelugyeles/hatarozatok-es-vegzesek-keresese)
The submission of the application has no suspensive effect on the enforceability of the ruling terminating the procedure or resolution rejecting the application, but the customer may request interim relief. Generally, the court rules in the proceedings without holding a hearing; however, the customer may request a hearing in the application. If no hearing is requested, a hearing may not be requested later on during the appeal procedure.
An application for remedy may be lodged by any party who goes over a time limit or misses a legal deadline during the procedure for reasons beyond their control.
Additional general information about the authorisation procedure is available at: https://www.mnb.hu/felugyelet/engedelyezes-es-intezmenyfelugyeles/engedelyezes/tajekoztatok
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