Natural persons or legal entities interested in the insurance legislation
applicable in Slovakia
should know that the state has introduced in its local law the provisions stated by the European Union’s insurance directives
, following its accession to the EU
. Foreign investors who want to establish an insurance company in Slovakia
can address to our team of Slovakian lawyers
, who can offer their expertise on the insurance market
and insurance legislation.
Insurance companies in Slovakia
The insurance market in Slovakia
is regulated by the Insurance Act
; investors who want to establish a company
should know that the insurance activity
falls under the supervision of the National Bank of Slovakia
. According to the Article 2 of the Insurance Act
, an insurance company
refers to a business incorporated as a joint stock company which has a registered office in Slovakia
; in order to conduct business operations in this field, companies are required to obtain an authorization in this sense from the National Bank.
The legislation stipulates that companies within EU
can establish their business presence on the Slovakian market
; the company can run in Slovakia
if the incorporation place
is situated in another state, but insurance companies
are also allowed to open a branch office
; our Slovakian attorneys
can provide you with further details on this matter.
Provisions of the insurance legislation in Slovakia
After the company has received the authorization issued by the National Bank of Slovakia
, the business can start its operations; an important aspect is that any company in the insurance field
is required to specify in its company name the expression “insurance company
According to the Article 5 (4), an insurance company can only provide insurance services for which it has received an authorization.
The local legislation stipulates that the main insurance activities related to:
• life insurance services;
• non-life insurance services.