Slovakia - Insurance

The pre-World War II insurance companies and institutions of the former Czechoslovakia were reorganized after 1945 and merged, nationalized, and centralized. Since 1952, the insurance industry has been administered by the State Insurance Office, under the jurisdiction of the Ministry of Finance, and two enterprises conducted insurance activities, the Czech and the Slovak Insurance Enterprises of the State. In 1997, at least 20 insurance companies were doing business in Slovakia. Nonetheless, the Slovak Insurance Company remains the only company authorized to write the compulsory third-party automobile liabillity insurance. There are no restrictions on foreign ownership of companies.