Insurance

Laws, regulations, administrative rules and general guidance Laws, regulations, administrative rules and general guidance Supervisory review process (in Slovak language only)Supervisory review process (in Slovak language only)
Aggregate statistical data Aggregate statistical data The exercise of options provided for in the EU's Solvency II Directive The exercise of options provided for in the EU's Solvency II Directive
The objectives of supervision and its main functions and activities The objectives of supervision and its main functions and activities Views and opinions (in Slovak language only) Views and opinions (in Slovak language only)
Implementation of Solvency II Implementation of Solvency II Informations Informations (in Slovak language only)
Pravidlá všeobecného prospechu For more information on generally binding legal regulations in the field of insurance For more information on generally binding legal regulations in the field of insurance (in Slovak language only) General good provisions - insurance undertakings General good provisions - insurance undertakings

The insurance market participants which Národná banka Slovenska supervises comprise insurance undertakings, reinsurance undertakings, and branches of insurance and reinsurance undertakings from non-EU countries. The conduct of insurance business in Slovakia is governed principally by Act No 39/2015 Coll. on insurance ('the Act').

The purpose of insurance regulation is to protect policy holders and beneficiaries and at the same time to support market stability, through risk evaluation and efficient capital allocation.

The structure of insurance regulation is based on three pillars. Pillar 1 lays down capital requirements for insurance and reinsurance undertakings, taking account of the risks to which they are exposed (including underwriting, credit, market and operational risks).  Pillar 2 sets out requirements for the governance and supervision of insurance and reinsurance undertakings. Pillar 3 focuses on reporting and disclosure requirements.

Under the freedom to provide services, i.e. to provide services on a cross-border basis, insurance and reinsurance undertakings established in another EU Member State may conduct (re)insurance business in Slovakia either through a branch or directly, without establishing a branch. Financial supervision of the activity of these undertakings is the responsibility of the home Member State.

Participants

Lists of the insurance and reinsurance undertakings which conduct business in Slovakia may be found here.