January 5, 2015
CIG Pannonia Life Insurance Plc. (registered seat: H-1033 Budapest Flórián tér 1. Company registration number: Cg: 01-10-045857, hereinafter: "Company") hereby notifies its Esteemed Shareholders and other capital market participants that the Competition Council of the Hungarian Competition Authority ordered the Company to pay 22,640,000 HUF (that is twenty-two million, six hundred and fourty thousand Hungarian forint) fine for presumed violation of unfair trading regulations.
According to the position of the Competition Council, the trading practice of the Company's insurance intermediary - that worked for the Company a few months between 2010 and 2011 - was unfair and capable of misleading consumers. The Company terminated the agency contract of the affected insurance intermediary with immediate effect on 7 March 2011.
The Company is committed to comply with the rules of law and ethics and also lays emphasis on their partners to do so and to serve its clients on the highest possible standard.
The Company examines the possibilities of a legal remedy against the resolution of the Competition Council.
CIG Pannónia Life Insurance Plc.
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