Slovakia: the new 8% insurance tax will be operational starting January 2019

The Slovak Parliament adopted on 20 June the new legislation replacing the current 8% insurance levy with a new tax of the same amount applied to non-life insurance premiums, except for MTPL for which the current levy will be maintained.

The new tax will be effective as of January 1, 2019.

The Government initiative was repeatedly criticized by insurers, as well as by other stakeholders as customers associations, employers, analysts etc. due to its foreseen potential rise in prices of insurance products.

Yet, the Ministry of Finance maintained his position, claiming that insurers have resources to absorb at least in part the additional expense by a better control of their operational costs, not increasing the insurance prices.

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