The territorial scope of the activity licence issued by the MNB for multiple agents and brokers covers all Member States, and allows the multiple agent or broker to perform its activities – in the framework of cross-border services or via branch offices – in the territory of any Member State.
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 for authorisation of multiple agent and broker activities 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 substantive and formal requirements of electronic documents can be found on the MNB’s website under the following link:
Engagement in insurance intermediary activities without an authorisation constitutes a criminal offence, and the MNB may commence a market surveillance procedure if it suspects engagement in unauthorised financial activities.
If the MNB finds that an activity is performed without authorisation, it will
a) prohibit the activity,
b) initiate criminal proceedings if, in its opinion, a criminal offence is involved under the Act on the Criminal Code,
c) apply measures or exceptional measures, and/or
d) impose a market surveillance fine.
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 multiple agent and broker activities is available at: https://www.mnb.hu/letoltes/3-2-1-1-engedelyezesi-utmutato-biztositasi-tobbes-ugynoki-es-az-alkuszi-tevekenyseg-vegzesenek-engedelyezese.pdf
An FAQ (frequently asked questions and answers) page on the authorisation procedure of multiple agent and broker activities can be accessed at the following link: https://www.mnb.hu/letoltes/3-2-1-2-eljarassal-kapcsolatos-gyakori-kerdesek-es-valaszok-biztositasi-tobbes-ugynoki-es-alkuszi-tevekenyseg-engedelyezese.pdf
An anti-money laundering policy must be annexed to any application for the licensing of multiple agent and broker activities. Frequently asked questions and answers about the policy are available at: https://www.mnb.hu/letoltes/3-2-1-3-1-gyakori-kerdesek-es-valaszok-penzmosasi-szabalyzattal-kapcsolatban.pdf
When preparing the internal risk assessment, the applicant is required to take into consideration the result of the national risk assessment, in relation to which further information is available on the MNB’s website at: https://www.mnb.hu/felugyelet/szabalyozas/penzmosas-ellen/fontos-informaciok-dokumentumok
The activity authorisation procedure for multiple agents and brokers is subject to an administrative service fee of HUF 300,000. Furthermore, the document confirming the payment must be attached to the application for the procedure to be commenced.
Additional information about the administrative service fee can be accessed via the following link:
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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