Cross-Border Cooperation Platform: Národná banka Slovenska has issued an interim measure to NOVIS prohibiting free disposal of its assets

On 05 November 2020, Národná banka Slovenska (NBS), the Slovakian national supervisory authority, has issued an interim measure to NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, NOVIS Poisťovňa a.s. (NOVIS) prohibiting free disposal of its assets. The information, which might be of interest to NOVIS policyholders, is available on the NBS website.

Background

In September, NBS has already issued an interim measure. More information is available here.

NOVIS is a life insurance undertaking established in 2014 in Slovakia and supervised by the NBS. Besides its home market, NOVIS pursues life insurance activity through freedom of establishment in Austria, the Czech Republic and Germany and through freedom to provide services in Finland, Hungary, Iceland, Italy, Lithuania, Poland and Sweden.
In order to ensure the adequate protection of policyholders throughout the European Economic Area, EIOPA has been working closely with NBS and the other national competent authorities through its cooperation platform to address this issue in the operations of NOVIS, from both prudential and conduct of business perspective. 

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