Cofnięcie zezwolenia wobec zakładu ubezpieczeń NOVIS

On June 14, 2023, the Polish Financial Supervision Authority, KNF, published a statement to inform of the following:
On June 1, 2023, the National Bank of Slovakia (NBS) decided to revoke the authorization of NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, NOVIS Poist’ovňa (collectively referred to as NOVIS) to conduct insurance activities. NOVIS is a life insurance company registered in Slovakia since 2014 and supervised by the NBS. It operated in several countries, including Poland, under the freedom of establishment and freedom to provide services.
The reason behind NBS’s decision was NOVIS’s failure to comply with the Solvency II Directive, particularly regarding capital requirements, risk management, and changes in insurance contract terms and conditions. The revocation of NOVIS’s authorization came into effect on June 5, 2023, following the announcement on the NBS website.
As a result of the decision, NOVIS is prohibited from entering into new insurance contracts from the effective date onward. However, existing insurance contracts remain valid and unaffected. Policyholders are advised to contact NOVIS for any concerns or questions regarding their purchased insurance policies. They may also reach out to the Slovak supervisory authority for assistance.
The KNF Office is in communication with the European Insurance and Occupational Pensions Authority (EIOPA), the National Bank of Slovakia, and insurance supervision authorities in EU Member States where NOVIS products were distributed.