13 November 2020

Information on the National Bank of Slovakia’s interim decision concerning restrictions on disposal of NOVIS assets

The Financial Supervisory Authority of the Central Bank of Iceland (FSA Iceland) wishes to draw attention to the Decision on an Interim Measure taken by the National Bank of Slovakia (Národná banka Slovenska, NBS) on 5 November 2020, in which NBS places restrictions on the free disposal of the assets of NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, NOVIS Poisťovňa a.s. (NOVIS).

With this interim decision, NBS imposes restrictions on the free disposal of NOVIS assets. The company is now ordered to refrain from handling of assets; i.e., changing ownership of assets or transferring assets from the company’s bank accounts. Furthermore, the company is to refrain from concluding legal instruments that could lead to a reduction in the company’s assets. However, the company is authorised to dispose of its assets in specified instances; i.e., to cover various payments stemming from claims relating to insurance contracts and to ensure ongoing regular operations.

NOVIS is required to notify NBS if the company opens or closes bank accounts or custodial accounts for securities. Moreover, NOVIS is required to send NBS monthly statements of the company’s bank accounts, together with statements of transactions on those accounts.

Further information can be found in the decision by NBS.

FSA Iceland has reported on NBS’ previous interim decision, dated 11 September 2020, which remains in effect.