Former Irish EU‑affairs minister Dick Roche lifts the lid on the scandal around NOVIS, accusing the European Insurance and Occupational Pensions Authority (EIOPA) of waging a secretive, data‑skewed campaign that forced NOVIS off the market.

He shows how EIOPA hid key documents, relied on extreme, totally unrealistic yearly terminations of insurance contracts (20 % for Italy vs. official Italian market experience 5‑10 %) and €300 future servicing costs per each insurance contract (five times the European actuarial benchmarks) to brand NOVIS unfit to continue its business. The agency then pressed the National Bank of Slovakia and convinced the European Commission to rubber‑stamp its verdict without independent checks.

Roche argues the case exposes double standards and a systemic transparency gap: EIOPA demands openness from insurers while shielding its own decision‑making, and the Commission and Parliament have failed sofar to hold it to account. Unless this “power grab” is probed, he warns, confidence in EIOPA—and the EU’s Solvency II framework—will erode.
 
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