Slovenian Insurance Supervisory Authority informed in a letter sent to all local insurance, reinsurance and pension companies, that it will adjust its previous recommendation from March this year.

The Insurance Supervision Agency follows the recommendations by ensuring the most equal treatment of supervised entities in the European Union, and thus adjusts its recommendation of 8 March 2021 as follows:

• it expects that a parent company of a group takes into account both the financial position of the company itself and the financial position of the group of which it is the parent company in its decision on the possible payment of dividends before 30 September 2021;
• the Insurance Supervision Agency will also take into account the specifics of the business model when verifying the profitability criteria of the supervised entity.

"The recommendation received does not change the adopted and published decisions of the Management Board and the Supervisory Board of Zavarovalnica Triglav", the TRIGLAV representatives commented in a statement.

"Sava Re has received a letter from the Insurance Supervision Agency announcing that the Agency follows recommendations to harmonies the treatments of supervised entities in the European Union; therefore, the Agency amends its recommendation regarding dividend payments dated 8 March 2021", Slovene Re/insurer SAVA Re informed in a press release.

Click here to read the Adjustment of recommendation