Slovakia Insurance Industry – Governance, Risk and Compliance
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The Slovakian insurance industry report is the result of extensive research into the insurance regulatory framework in the country. It provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health, marine, aviation, and transit insurance.
The report also specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Furthermore, the report includes the scope of non-admitted insurance in the country.
What are the market dynamics in the Slovakian insurance industry?
The NBS has been responsible for the supervision of the insurance industry in Slovakia since January 1, 2006. Its principal objective is the control and monitoring of insurance and reinsurance companies and insurance intermediaries. Since January 1, 2009, the NBS has been a part of the euro system.
Some of the key responsibilities of NBS include issuing the applicant with a certificate of registration, renewal, modification, withdrawal, and cancellation; settling disputes between insurers and intermediaries; promoting efficiency in conducting insurance business in the country, and so on.
What are the types of licenses issued in the Slovakian insurance industry?
The different types of insurance licenses issued in the Slovakian insurance industry are life insurance license, non-life insurance license, composite insurance, reinsurance license, and license for insurance intermediaries.
Life insurance license in Slovakia
Life insurers can obtain licenses for permanent health insurance, capital redemption insurance, pension fund management insurance, social insurance, etc.
Non-life insurance license in Slovakia
Non-life insurers can obtain a license for insurance businesses pertaining to accident insurance, sickness insurance, land vehicle insurance, railway rolling stock insurance, aircraft insurance, marine insurance, and so on.
Reinsurance license in Slovakia
Insurance companies can obtain authorization from the NBS for writing reinsurance businesses in the same insurance class.
Composite insurance license in Slovakia
Composite insurance is not permitted in Slovakia. According to Article 73, if insurance undertakings intend to conduct life and non-life insurance, they must separate the management of both and conduct under separate licenses.
License for insurance intermediaries in Slovakia
Article 3 of the Act on Insurance Mediation and Reinsurance Mediation 2005 states that exclusive insurance intermediaries, subordinate insurance intermediaries, insurance agents, and insurance brokers can apply for a license to operate in Slovakia.
The Slovakian insurance industry, by license type
For more license type insights, download a free report sample
Which other associations oversee the Slovakian insurance industry?
The key associations that oversee the Slovakian insurance industry are the International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), Federation of European Risk Management Associations (Ferma), Slovak Insurance Association (SLASPO), and Slovak Association of Insurance Intermediaries (SASP).
International Association of Insurance Supervisors
The IAIS is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in over 140 countries. The IAIS formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. It works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The primary objectives of the IAIS are to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance operations for the benefit and protection of policyholders, and to contribute to global financial stability.
European Insurance and Occupational Pensions Authority
The EIOPA, which is a part of the European System of Financial Supervision, is an independent advisory body to the European Parliament and the Council of the EU.
EIOPA’s main responsibilities are to support financial system stability, transparency of markets and financial products, and protection of insurance policyholders, pension scheme members, and beneficiaries of all European Member States. One of the main responsibilities of the EIPOA is the preparation of the new supervisory regime for insurance and reinsurance undertakings in the EU (Solvency II).
Federation of European Risk Management Associations
The Ferma is a member of the International Federation of Risk and Insurance Management Associations. It aims to lead and enhance the effective practice of risk management, risk financing, and insurance in Europe. Some of its main objectives include monitoring new regulations and standards; detecting early issues which can impact the risk management and insurance sectors; setting up surveys and benchmarks to identify and share current practices, and so on.
Slovak Insurance Association
The SLASPO is a professional organization representing commercial insurers operating in Slovakia. Its primary objective is to promote and protect member companies’ interests before local and international authorities, and actively participate in formulating insurance legislation. It also runs insurance-related educational programs and promotes the industry.
Slovak Association of Insurance Intermediaries
The SASP was established in 1995 as the Slovak Insurance Brokers Association. On October 7, 2005, however, through an Extraordinary General Meeting, the organization was transformed into SASP. The main area of activity of SASP includes representation of an insurance broker’s business, developing and improving cooperation with insurance companies, creating long-term and mutually beneficial contacts with insurance intermediaries and similar associations abroad, and building and improving relationships with all insurance markets participants.
The Slovakian insurance industry, by associations
To know more about key associations, download a free report sample
Market report scope
Key license types | Life Insurance License, Non-Life Insurance License, Composite Insurance, Reinsurance License, and License for Insurance Intermediaries |
Key associations | International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), Federation of European Risk Management Associations (Ferma), Slovak Insurance Association (SLASPO), and Slovak Association of Insurance Intermediaries (SASP) |
Scope
- The report covers details of the insurance regulatory framework in Slovakia.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments about the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country
- Gain insights into the insurance regulatory framework in Slovakia.
- Track the latest regulatory changes and expected changes impacting the Slovakian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices about various types of insurance products.
Table of Contents
Table
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Frequently asked questions
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What are the key license types in the Slovakian insurance industry?
The key license types issued in the insurance industry in Slovakia are life insurance license, non-life insurance license, composite insurance, reinsurance license, and license for insurance intermediaries.
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Which are the key associations overseeing the Slovakian insurance industry?
The key associations overseeing the insurance industry in Slovakia are the International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), Federation of European Risk Management Associations (Ferma), Slovak Insurance Association (SLASPO), and Slovak Association of Insurance Intermediaries (SASP).
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