Yesterday, Sava has announced notice of Management Board intention to submit evidence to regulator of their ability to pay dividend.  To the extent that the Agency has no reservations regarding such dividend distribution, dividends for 2019 may still be paid out this year.

Sava has announced that it intends to send a notification to the regulator declaring their intention to pay out dividends in respect of 2019, supported by qualitative and quantitative evidence. Insurance Supervision Agency, the regulator has given recommendation to insurers on 20 August on suspension of dividends after 1 October 2020 due to deeming the situations in relation to Covid-19 and its impact on the economy and the insurance sector as still uncertain. This recommendation was published by Sava Re on 21 August 2020.

Announcing intention to pay dividend is in line with the option and conditions set out in the regulator’s recommendation. As stated in the recommendation, the regulator will examine such notification and take appropriate measures in accordance with the law. To the extent that the Agency has no reservations regarding such dividend distribution, the management board, subject to approval by the supervisory board, will call a general meeting to consider the proposed distribution of dividends so that dividends may still be paid out this year.