Slovak Central Bank Moves to Bankrupt Troubled Insurer Novis

Slovakia's central bank has initiated bankruptcy proceedings against the troubled insurance company Novis, escalating a years-long regulatory dispute. The District Court in Nitra, a city in western Slovakia, has opened bankruptcy proceedings against Novis following a petition filed by the National Bank of Slovakia (NBS), the country's central banking and financial regulatory authority. Novis has opposed the move and contests the NBS's authority over the matter. The insurer lost its operating license three years ago after falling foul of regulators, but has since been challenging that decision in court. Unable to issue new insurance policies, the company has continued to accumulate financial losses in the intervening period. The case marks a significant new phase in the prolonged standoff between Novis and Slovak financial regulators, with the bankruptcy process now formally underway despite the company's resistance.