On 1 June 2023, Národná banka Slovenska (NBS), the Slovakian national supervisory authority, has issued a decision on the withdrawal of the authorisation from NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, NOVIS Poisťovňa a.s. (NOVIS). The NBS has also published a press release in English.
Some of the the most frequently asked questions and responses to them that may be useful to NOVIS policyholders can be viewed here.
NOVIS was established as life insurance undertaking in 2014 in Slovakia under the supervision of the NBS. Besides its home market, NOVIS pursued life insurance activity through freedom of establishment in Austria, Czechia, and Germany, and through freedom to provide services in Finland, Hungary, Iceland, Italy, Lithuania, Poland, and Sweden.
The NBS has informed the host national supervisory authorities about the decision issued to NOVIS via the cooperation platform set up by the European Insurance and Occupational Pensions Authority (EIOPA). EIOPA has been working closely with the NBS and the other national competent authorities through its cooperation platform established in June 2018 to address issues in the operations of NOVIS, from both prudential and conduct of business perspective.
About cooperation platforms
Cooperation platforms set up by EIOPA aim to achieve stronger and more timely cooperation between home and host supervisory authorities and to enhance the convergent application of Union law in cases of cross-border insurance activity, to ensure the adequate protection of policyholders throughout the European Economic Area.