25 February 2021

Information on the status of NOVIS

The Financial Supervisory Authority of the Central Bank of Iceland (FSA Iceland) makes reference to press releases dated 18 and 29 September and 23 October 2020, announcing a temporary ban on new sales of unit-linked insurance contracts. The ban was imposed by Národná banka Slovenska (National Bank of Slovakia, NBS) on NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, and NOVIS Poisťovňa a.s. (referred to collectively as NOVIS).

The NBS Bank Board has now ruled on NOVIS’ appeal of the NBS decision on the temporary ban that took effect on 11 September 2020. The Bank Board decided to revoke the part of the decision that places a conditional ban on new sales by NOVIS, effective 12 February 2021. As a result, NOVIS is permitted to conclude new unit-linked insurance contracts without special restrictions.

The part of the NBS decision that obliges NOVIS to invest all premiums received from existing insurance contracts for the benefit of policyholders in accordance with the terms and conditions in the insurance contracts remains in effect, however. Therefore, NOVIS must continue to send NBS regular reports containing information that enables NBS to monitor the situation at the company.

The press release announcing the decision by the NBS Bank Board can be found here.