Insurance of an independent financial agent and mandatory reports

In the sense of EU Commission Delegated Regulation 2019/1935, the limits of insurance coverage for liability insurance for damage caused during the performance of financial intermediation or financial counseling in the insurance or reinsurance sector change with effect from June 12, 2020, as follows:

• at least €1,300,380 per each insured event

• at least €1,924,560 in aggregate for all insured events arising in one calendar year

At the same time, the NBS (National Bank of Slovakia) informs that the limits for liability insurance for damage caused during the performance of financial intermediation or financial counseling in other sectors remain unchanged (the sector of providing loans, housing loans, and consumer loans in the sense of EU Commission Delegated Regulation 1125/2014 and Section 30 of Act No. 186/2009 Coll.; the capital market sector; the deposit-taking sector; the supplementary pension savings sector; the old-age pension savings sector in the sense of Section 30 of Act No. 186/2009 Coll.).

Mandatory reports of an independent financial agent In the sense of Act No. 186/2009 Coll. on Financial Intermediation and Financial Counseling and on amendments and supplements to certain acts as amended, and the Decree of the National Bank of Slovakia No. 16/2018 dated December 11, 2018, supervised entities are obliged to submit a quarterly report on the performance of financial intermediation, or a quarterly report on the performance of financial counseling, and an annual report on the performance of financial intermediation, or an annual report on the performance of financial counseling.

Quarterly reports on the performance of financial intermediation, or quarterly reports on the performance of financial counseling, are prepared quarterly from interim data as of the last day of the relevant calendar quarter, for the period from the first day of the relevant calendar quarter to the end of the relevant calendar quarter. It is necessary to submit them within two months from the end of the relevant calendar quarter for which the report is submitted.

The annual report on the performance of financial intermediation, or the annual report on the performance of financial counseling, is prepared annually as of the last day of the relevant calendar year, for the period from the beginning of the relevant calendar year to the end of the relevant calendar year. It is necessary to submit it within three months from the end of the relevant calendar year for which the report is submitted.

Data are reported in accordance with a “best-effort basis.” This means that only information which the entity had at its disposal, or which the entity should have had at its disposal upon exercising reasonable effort, is reported. (Source: NBS)