(Finance) – The Slovak supervisory authority Národná Banka Slovenska (NBS) has announced that more than nine months after the revocation of the authorization the Slovakian court has not yet appointed the liquidator of the NOVIS company and therefore it is not currently possible to estimate the start date of the liquidation. This can be read in a note from the Institute for Insurance Supervision (IVASS).
“Given this situation, I am concerns about the full protection of the rights of NOVIS policyholders and the Slovak Authority advises subscribers who intend to take any action against the company to protect themselves to first contact and consult trusted experts”, it is underlined.
IVASS has become aware of letters sent by NOVIS to policyholders announcing legal action in the event of non-payment of premiums. The Authority recalls that art. 1924 of civil code allows insureds to suspend the payment of premiums after the first year. IVASS therefore suggests that policyholders contact consumer associations in order to evaluate the consequences of suspending the payment of premiums in light of the legal provisions and policy conditions.