Slovak Insurer Claims Central Bank Caused €400 Million in Damages Before Ordering Its Liquidation

Novis Insurance, a Bratislava-based insurer facing court-ordered bankruptcy, is claiming that the National Bank of Slovakia (NBS), the country's central bank and financial regulator, caused it €400 million in damages through its regulatory actions. The company, which has had its operating license revoked, still holds policies for nearly 25,000 clients whose coverage now hangs in uncertainty as insolvency proceedings move forward. Novis lost its license to operate following regulatory intervention by the NBS, which oversees financial institutions in Slovakia. Despite no longer being legally authorized to conduct insurance business, the company continues to service tens of thousands of existing policyholders, raising concerns about consumer protection and the security of those clients' investments and coverage. The case highlights significant tensions between financial regulators and the insurance sector, and raises questions about the fate of policyholders when an insurer collapses. Bankruptcy proceedings are now underway, and the outcome will determine how — and whether — Novis's remaining clients will be compensated or transferred to another provider.