Regulatory Alerts2015-10-05
Decree of Národná banka Slovenska No 11/2015 on solvency for insurance undertakings subject to a special regime
Národná banka Slovenska issued Decree No 11/2015 to establish calculation and reporting methods for the solvency capital requirement and eligible basic own funds for insurance undertakings under a special regime. The decree specifies distinct formulas for life and non-life insurance based on technical provisions, capital-at-risk, premiums, and claims, while setting absolute minimum solvency floors of EUR 2.5 million for non-life and EUR 3.7 million for life insurance. It mandates that these undertakings submit annual audited statements electronically via the Statistics Collection Portal within 14 weeks of the accounting period end.
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