NOVIS Legal Update - March 2024
NOVIS wishes to inform clients and partners about the latest developments in the ongoing legal process.
Background
On June 1, 2023, the National Bank of Slovakia (NBS) made a decision to revoke NOVIS's insurance license and subsequently requested the competent court to initiate a liquidation process.
After a thorough review, NOVIS determined that the NBS's decision was based on a misinterpretation of facts and an incorrect application of relevant laws. In response, NOVIS filed a comprehensive, 115-page lawsuit on August 4, 2023, challenging the legality of the NBS's decision and demanding its complete annulment. NOVIS supported its lawsuit with three strong expert opinions, whereas such an independent review is missing in the NBS's argumentation.
Current Status
On February 13, 2024, the Bratislava III Municipal Court suspended the liquidation process requested by the NBS against NOVIS, pending the final decision on NOVIS's lawsuit against the NBS decision, which is currently under review by the Administrative Court. NOVIS is confident that this suspension can be interpreted as an indication of the court's skepticism towards the NBS's decision.
NOVIS's operations continue as before, all insurance policies remain active and unaffected. NOVIS processes customer inquiries promptly and efficiently.
NOVIS appreciates your continued support and patience as it goes through this process and will keep you updated on further developments.
Other important information:
