On Jan. 1, HUN CB issued decrees on the data reporting obligations.
HUN CB issued Decree 57/2024 (XII. 3.) on obligations of insurance organizations and Decree 58/2024 (XII. 3.) on obligations of pension funds and all occupational pension institutions to HUN CB data system, primarily for purpose of performing supervision.
Follows HUN CB Dec. 2024 issued decree on data submission obligation, see #235965.
Decrees Overview
The Decrees set out the requirements and frequencies for reporting information to HUN CB that is relevant for its supervisory activity, based on the authorization granted in Section 171(1)(i) of Act CXXXIX of 2013 and all duties defined in Section 4(6) and (9).
Decree 57/2024 covers insurers established in Hungary, all EU based insurers, all third country insurers, independent insurance intermediaries, multiple agents, and others.
Decree 58/2024 covers voluntary pension fund, the voluntary mutual health fund, the voluntary mutual mutual assistance fund, or voluntary mutual health and mutual fund, as well as all private pension funds, and the occupational pension service institution.
The data provider shall provide regular and ad hoc data as a supervisory report to HUN CB, including the general ledger, analytical and other records prepared in accordance with the accounting regulations applied by the data provider as part of its reporting.
Information stored in accounting, registration and IT systems must be preserved for five years from the last day of the calendar year in which the supervisory report is due.
Annexes are provided to both Decrees to provide reporting clarification and guidance.
The data provider shall submit the supervisory report, the data services pursuant to Commission Implementing Regulation 2021/897, through the HUN CB ERA system.
Rules on use of ERA system and the notification of obstacles to the completion of the supervisory report are contained in Annex 2, Section IB 1, Decree 54/2024 (XII. 3.).
Effectiveness
Both Decrees, with the exception of their respective para 2, are effective Jan. 1, 2025.
However, for Decree 57/2024 Section 16 and Annexes 17 to 20, and for the Decree 58/2024 Section 13 and Annexes 11 to 16, shall all enter into force on Apr. 1, 2025.
