Insurance Law in Slovakia
Insurance Law in SlovakiaUpdated on Wednesday 22nd February 2017
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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.
If you need further details on the insurance legislation applicable in Slovakia, please contact our team of Slovakian lawyers for assistance on this matter.