18 September 2020

Prohibition on new sales of NOVIS insurance products in Iceland

Central Bank of Iceland

The National Bank of Slovakia (Národná banka Slovenska, NBS), which regulates financial activities in Slovakia, has imposed a temporary ban on new sales of insurance products from NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, NOVIS Poisťovňa a.s. (NOVIS) until specified conditions have been satisfied. The ban includes NOVIS insurance products that are in distribution in Iceland. NOVIS began selling life insurance products in Iceland in January 2018 and, as of end-December 2019, had active contracts with a total of 5,201 policyholders.

NOVIS is a life insurance company that commenced operation in 2014 in Slovakia and is subject to regulation by NBS. In addition to its activities in its home state, NOVIS provides services relating to life insurance through branches in Austria, the Czech Republic, and Germany. The company also provides services in Finland, Italy, Iceland, Lithuania, Poland, Sweden, and Hungary without maintaining business offices in those countries.

The Financial Supervisory Authority of the Central Bank of Iceland (FSA Iceland) has previously published information and announcements pertaining to the company’s products and marketing (in Icelandic - see links below).

On matters relating to NOVIS, FSA Iceland has cooperated with the European Insurance and Occupational Pensions Authority (EIOPA), NBS, and other supervisory authorities in the European Economic Area through a cooperation platform.

NBS has published useful information for NOVIS policyholders on its website. EIOPA’s announcement of the temporary ban imposed by NBS can be found here.

FSA Iceland has compiled here information for Icelandic consumers in view of the temporary ban imposed by NBS.

Press release no. 31/2020
18 September 2020

Links to previous news in Icelandic: