The European Insurance and Occupational Pensions Authority (EIOPA) has published information and a Q&A for policyholders of NOVIS, warning that the liquidation process sought by Slovakia’s supervisor remains stalled and may expose consumers to detriment. Slovakia’s Národná banka Slovenska withdrew NOVIS’s authorisation on 1 June 2023 and petitioned the competent Slovak court to dissolve the company and appoint a liquidator, but no liquidator has been appointed. NOVIS has been prohibited from writing new insurance business since June 2023 and is limited to servicing existing contracts, while being subject only to limited supervision pending a possible liquidation decision, which remains uncertain due to ongoing court proceedings. EIOPA states that policyholders should re-evaluate their options based on available information and, after seeking professional advice, consider actions including stopping premium payments or surrendering contracts. It also directs policyholders to information published by national supervisory authorities in Austria, Czechia, Germany, Hungary, Iceland, Italy, Lithuania, Poland and Slovakia.
European Insurance and Occupational Pensions Authority 2025-01-15
European Insurance and Occupational Pensions Authority alerts NOVIS policyholders to risks as Slovak liquidation process remains unresolved
EIOPA warns NOVIS policyholders of potential consumer detriment due to stalled liquidation by Slovakia’s Národná banka Slovenska. NOVIS's authorization was withdrawn in June 2023, limiting operations to existing contracts. EIOPA advises policyholders to reassess options, consider ceasing premium payments or surrendering contracts, and consult national supervisory authorities.