Winterthur fined

Hungary’s fifth-largest private pension provider, Winterthur Voluntary & Private Pension Fund, was fined Ft2mn (US$7,000) by the country’s financial supervisory authority due to 25 separate regulatory transgressions. These include inadequate reserving practices and incorrect notification of data to individual policyholders. Two executives of the company have also been fined. The supervisor’s survey of the company found that the errors stem from the introduction of new administrative software in early 2000.