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New Obligation for Waste Producing Companies: The Compulsory Environmental Insurance

New Obligation for Waste Producing Companies: The Compulsory Environmental Insurance

Hungary
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The new provisions on compulsory environmental insurance entered into force on 1 January 2024 through the modification of the Waste and a new Government Decree.

According to the Waste Act, those economic operators are obliged to have  environmental insurance to be able to cover unforeseen environmental damage caused by their activities (i) whose activities generate waste in quantities specified in the Government Decree, (ii) which carry out an activity subject to a waste management permit or registration under Waste Act, excluding the operator of a landfill site; or (iii) which import, export or transport waste into the territory of Hungary for the purposes specified in the relevant EU regulation on shipments of waste.

The Government Decree specifies the quantities of waste the producer of which is obliged to have environmental insurance. A waste-producing economic operator shall take out environmental insurance for an amount of at least HUF 10 million per insured event and per period if the annual amount of waste generated and held on any of its sites exceeds (a) 200 kg of hazardous waste, (b) 2 000 kg of non-hazardous waste, or (c) 5 000 kg of non-hazardous construction and demolition waste. This new obligation shall be applied to all business entities that generate at least the above levels of waste.

By Eszter Ila-Horvath, Attorney at Law, KCG Partners Law Firm

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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