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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

KCG Partners at a Glance

KCG Partners is a Hungarian business law firm providing a comprehensive range of legal services to international and local clients seeking local knowledge and global perspective. The firm comprises business-minded lawyers with sector-specific expertise, creating value for clients by applying a problem-solving approach and delivering innovative solutions.

The firm has a wealth of knowledge in corporate law, M&A, projects and construction, energy, real estate, tax, employment, litigation, privacy and forensics, securitization, estate planning and capital markets.

To address clients’ regional and international concerns, the firm maintains active working relationships with other outstanding independent law firms in Central and Eastern Europe, whilst senior counsel Mr. Blaise Pásztory brings over 40 years’ of US capital market and fund management experience.

KCG Partners Law Firm is the result of the teamwork of passionate and talented lawyers guided by the same principles and sharing the same values: 

  • Our most valuable asset is our people. They are the engine of our business and the key to our success.
  • We push boundaries by looking for innovative solutions that can empower our clients to achieve greater results.
  • We place our experience, commitment and professionalism to your service.
  • We are driven by our vision to shape and lead the Hungarian legal market and become a first choice law firm in our practice areas.

Firm's website: http://www.kcgpartners.com