Hungary - Insurance

Before World War II, 49 private insurance companies-25 domestic and 24 foreign-conducted business activities in Hungary. All insurance was nationalized in 1949 and placed under the State Insurance Institute, a government monopoly. A new institution, Hungária Insurance Co., was founded in 1986. As of 1997, the regulatory authority was the Insurance Supervisor (allami Biztositasfeluegyelet). At least 15 insurance companies were operating in Hungary in 1995. Compulsory insurance in Hungary includes third-party auto liability, workers' compensation, and liability for aircraft, watercraft, and several professions.