How can you check that your broker is really listed in the MNB register?

Why is registration compulsory, and what does it mean?

Under Act LXXXVIII of 2014 on the Business of Insurance (the Insurance Act, Bit.), only those listed in the MNB's supervisory register may carry out insurance intermediation. The register includes both intermediary firms – brokers and multiple agents – and the natural persons acting on their behalf, and according to the MNB's website it contains “the intermediary's basic data, its type and the principal financial institution(s)”. A natural-person intermediary is notified to the register by the firm on whose behalf they work, and the notification is subject to professional requirements (a qualification or an official examination). The register is therefore not just for show: it is a record of who may act on whose behalf and with what legal status – and this is also the basis of what I have written about the difference between a broker and an agent: the difference is not a matter of impression, because the register shows whether someone is an independent intermediary (broker) or a tied intermediary (agent, multiple agent).

Where to search? Two entry points, the same database

The MNB offers two interfaces. One is the Institution Search (intezmenykereso.mnb.hu): in the simple search, it is enough to enter the name of the person or firm, or the identifier – the registration number – and the result shows the name, the type (“insurance intermediary”) and the identification number. The advanced search has separate filters for natural persons acting as insurance intermediaries (name, registration number, status, reference date, type of activity, broker type) and for intermediary business organisations. The other interface is the Insurance Intermediary Register (regiszter.mnb.hu), which was designed specifically for intermediaries: it has separate search forms for natural persons and for business organisations, and for a person you can typically filter not only by name but also by status (active or inactive), registration number, type of activity (independent intermediary, tied intermediary, agent, multiple agent) and principal broker. Both interfaces are free of charge and can also be reached from the MNB's “Search for intermediaries” page. You can find my own details the same way, by searching for my name or for registration number 114063010758 – this number is also shown in the footer of my website, precisely so that anyone can check it.

What should you look at on the register entry?

It is worth comparing four things with what you have received from the adviser. First, the name: the name in the register should be the same as the name on the mandate form, business card and email signature. Second, the status: “active” means that the person may currently carry out intermediary activity; an inactive status shows that the notification has ended – in that case, ask about it before you sign anything. Third, the type of activity: if someone describes themselves as an “independent adviser”, they must be listed in the register as an independent intermediary; if they are a tied intermediary, they act on behalf of one or more insurers, which is not a problem, just different. Fourth, the principal: the broking firm or insurer on whose behalf they act – this must match the firm with which you sign the mandate form and whose name appears on the information document. If the paperwork names a different firm from the one in the register, this needs to be clarified.

What counts as a warning sign?

According to the MNB's consumer protection guidance, “before concluding a contract, it is definitely worth checking whether the agent has the appropriate licence or authorisation to carry out intermediary activity”, and the guidance also states that before the contract is concluded, the intermediary must tell you their own name and the name of the firm on whose behalf they work. The warning signs follow from this:

• you are not given a registration number, or the number returns no result;
• the person is inactive, or is listed as acting for a different firm from the one named in the paperwork;
• you do not receive written information about the intermediary's legal status and complaints handling – under Section 378 of the Bit., you must receive this before the contract is concluded;
• the intermediary asks for the premium to be paid into their own account: under Section 398 of the Bit., a broker may accept premium only if the insurer has specifically authorised it to do so, and the normal route for the premium is the insurer's account;
• being rushed, an offer “valid today only”, or being asked to sign without being able to read what you are signing.

What should you do if something does not add up?

First, ask: most discrepancies have a simple explanation (a change of name, a newly registered colleague, a change of firm). If the answer does not reassure you, do not sign and do not pay anything. Check the firm as well, not just the person: the firm must also be listed as an active broker or multiple agent. If you suspect that someone is acting as an intermediary without authorisation, you can report it to the MNB's customer service or by making a consumer protection notification – the MNB investigates unauthorised activity, but it does not decide individual claims disputes; those are a matter for the Financial Arbitration Board (PBT) or the courts. The lesson is simple: checking is not mistrust but a normal part of the profession. You will find on whose behalf I act, and where this can be checked, in the footer and on the mandate paperwork – this is simply how a broker works, and you can expect the same from any adviser.

How to check in two minutes: open intezmenykereso.mnb.hu or regiszter.mnb.hu, enter the name or the registration number, look at the status, the type of activity and the principal, and then compare them with the firm named on the mandate form. If anything does not match, ask – and do not sign before you have an answer.