Statement from the 10th Meeting of the Bank Board of the NBS

The 10th Meeting of the Bank Board of Narodna banka Slovenska was held today (9 March 2010), chaired by Jozef Makuch, Governor.

The Bank Board of the NBS approved a notification on the issue of silver collectors´ coins in nominal value of EUR 10 on the occasion of the 150th anniversary of the birth of Martin Kukučín.
The collectors´ coins will be minted from an alloy containing 900 parts of silver and 100 parts of copper. The weight of the coin is 18 g and its diameter is 34 mm. The designer of the obverse of the coin is Miroslav Rónai and Mgr. Art. Peter Valach is the designer of the reverse of the coin. The coins will be minted in the Kremnica Mint, š.p. and will be on sale in May 2010.

The Bank Board of the NBS approved the Decree of Narodna banka Slovenska stipulating the template on conditions for conclusion of an insurance contract.
The objective of the Decree is to determine the template that should help a potential policyholder to decide whether to conclude an insurance contract or whether an insurance product suits their requirements. The template should therefore include a brief overview of the conditions necessary for the conclusion of a contract. This overview should be prepared in a form which is clear to a policyholder and which provides them with an overview of the most important conditions for the draft of the insurance contract, general insurance conditions and other documents that should be considered by the policyholder prior to the conclusion of the contract. The template determined in the Decree is a flexible tool which can enable the entity which submits the template to the policyholder to prepare the template in a such a way that includes all particularities of a specific insurance product.
The Decree shall become effective on 1April 2010.

The Bank Board of the NBS approved the Decree of Narodna banka Slovenska stipulating details on the system of internal control and activity of the department of internal audit of insurance undertaking, reinsurance undertaking, branch of a foreign insurance undertaking and branch of a foreign reinsurance undertaking.
The objective of the Decree is to determine details of the basic legal framework of the system of internal control of insurance undertaking, a branch of a foreign undertaking, a reinsurance undertaking or a branch of a foreign reinsurance undertaking as well as the adjustment of details on the basic powers of the internal audit department of an insurance undertaking, a branch of a foreign insurance undertaking, a reinsurance undertaking and a branch office of a foreign reinsurance undertaking. The Decree should help insurance undertakings to develop a system of internal control and at the same time it stipulates a certain minimal standard which an insurance undertaking should fulfil within the area of the adjustment. The result of the application of the Decree should ensure an improved quality of the processes and activities within insurance undertakings.
The Decree shall become effective on 1 April 2010.

Jana Kováčová
Spokesperson of the NBS

National Bank of Slovakia
Press and Editorial Section
Imricha Karvasa 1, 813 25 Bratislava, Slovak Republic
Tel.: +421-2-5787 2168,+421-2-5865 2168, +421-2-5787 2169, 421-2-5865 2169
Internet: http://www.nbs.sk

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