On Nov. 5, SLK CB issued communique on council meeting decisions.
SLK CB held 20th banking council meeting on Nov. 5, 2024, which approved draft measure on motor vehicle liability insurance, financial market supervision/reporting.
Follows SLK PRL Jun. 2024, announced vehicle insurance adopted law, see #216350.
Summary
Discussed/approved draft measure on submission of statements/other information by Slovak Office of Insurers, developed as per sec 26, para 4 of Act no. 381/2001 coll. on compulsory contractual liability insurance for damage caused by motor vehicle usage.
Plus amendments to certain laws as amended and section 35 paragraph 2 of Act 747/2004 coll. on financial market supervision and amendment of certain laws.
Aims to modify and supplement statements from Slovak Office of Insurers as part of transition to new IFRS17 international accounting standard for insurance contracts.
This also introduces the possibility of measuring the risk related to compulsory contractual liability insurance for damage caused by operation of a motor vehicle.
Introduces three new reports to be submitted to SLK CB annually via its information system statistical collection portal, with some existing reports also modified.
Effectiveness
Draft measure repeals 16/2015, Nov. 24, 2015 on submission of statements and other information by Slovak Office of Insurers (Notice 32/2016), and is in force Jan. 1, 2025.
Regulators
SLK CB
Entity Types
Auditor; Ins
Reference
PR, Mt 11/5/2024; Act 381/2001 coll; Act 747/2004 coll; Dir 16/2015; OG 32/2016; Dir 2021/2118; IFRS17
