In October 2021, NOVIS sent a notice to its policyholders of the insurance product Wealth Insuring, Life Savings Plan, and Flexible Savings Plan, where they were informed that certain changes had been made to the terms of the insurance, which included contracts.
The Central Bank of Iceland has reviewed these changes and believes that the information we provided to our customers at the time was not sufficient according to Icelandic law and therefore did not sufficiently protect the interests and safety of customers as required by Icelandic law.
With the decision of the Central Bank of Iceland from May 25 last NOVIS is required to withdraw these changes to the terms and conditions as they were communicated to respective policyholders and reinstate the insurance term as it was before the changes in question in October 2021.
NOVIS is pleased and obliged to comply with the Central Bank of Iceland's decision and hereby revokes the aforementioned changes to affected insurance contracts. Insurance terms are thus unchanged as they were when these insurance contracts came into force.
For the sake of transparency, there is a list of hyperlinks below to the original terms that now apply entirely to affected insurance contracts.
Furthermore, below is a specification of the changes that were made, but the original wording is now valid again. The original rights and protections, as they were when affected policies were purchased are reinstated in full force and there is no need for you to take any action.
Original – and now fully effective General Terms and Conditions:
List of changes to respective product's GTCs: