On 12.06.2023, the FMA published a notification issued by the competent supervisory authority in Slovakia (Národná banka Slovenska, “NBS”) regarding the revocation of the licence of NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, NOVIS Poisťovňa, a.s. (“NOVIS”), which became effective as of 5.6.2023. Licence withdrawal for NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, NOVIS Poisťovňa, a.s. By the competent supervisory authority in Slovakia (Národná banka Slovenska)
As a follow-up to that notification, we are taking the opportunity to refer to the recently updated information from the NBS about the status of proceedings regarding petitioning of the initiation of liquidation proceedings as announced in the NBS’ publication in June 2023: https://nbs.sk/aktuality/likvidator-v-pripade-poistovne-novis-zostava-nevymenovany/
In summary, on the basis of this updated information from the supervisory authority in Slovakia, NBS, we are able to advise that:
- Nine months after the licence having been revoked and the application having been submitted by NBS for the appointment of a liquidator for NOVIS that a liquidator has still not been appointed by the competent court,
- It is currently not possible to estimate due to pending court procedures and decisions under procedure law to estimate when the decision will be taken by the court regarding the appointment of a liquidator,
- Policyholders should contact NOVIS to receive up-to-date information about insurance contracts. NBS recommends policyholders who are considering taking measures in relation to their insurance contracts to first contact their insurance intermediary, a lawyer or a consumer protection association and to seek advice.
- NOVIS is currently still not permitted to conclude any new insurance contracts.
The details of the notification by NBS NOVIS case: liquidator still not appointed – Národná banka Slovenska (nbs.sk) and NBS’ updated “Frequently Asked Questions” regarding NOVIS NOVIS Company – Frequently Asked Questions – Národná banka Slovenska (nbs.sk) are both available in English.