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34

Authorities’ response

69.

The Slovak authorities were in broad agreement with the assessment. In addition, to

providing a number of technical suggestions and corrections, in response to the FSAP team’s recommendations regarding suitability of persons (CP7) they noted that each new owner of an existing insurance undertaking has to have a prior approval by the National Bank of Slovakia. If a natural person or a legal person obtains a share in the registered capital of the insurance undertaking without a prior approval, the National Bank of Slovakia has the power

to suspend the exercise of its right to participate in and vote at the General Meeting of the insurance company.

70.

The authorities also noted that the National Bank of Slovakia is at the moment

collaborating with the Ministry of Finance in the process of changing the Insurance Act. This

is being done, besides some other reasons, in order to implement some of the FSAP team’s recommended actions as soon as possible. Also, from February 1, 2007, a new section has been formed within the National Bank of Slovakia's structure responsible especially for supervision of insurance mediation

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