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State insurer reports almost 70 billion crowns in revenues in 1998

The Social Insurance Company (Sociálna poisťovňa) reported total revenues of 67.93 billion Slovak crowns ($1.67 billion) for 1998. Collection of pension insurance payments, including outstanding insurance fees, penalties, and fines, accounted for 66.11 billion crowns. From this, the state paid 1.133 billion crowns and transfers from the National Labor Agency amounted to 1.09 billion crowns. Other revenues were 1.81 billion crowns. This company provided this information in its annual report, reeleased on March 25.

Revenues were 382 million crowns higher than projected in the firm's plan for 1998, and were driven mostly by payments of overdue insurance installments, penalties and interest yields from bank deposits.

In 1998, the firm reported a 90.8% success rate in insurance collection, excluding payments of the state, the National Labor Agency and imposed penalities. As of December 31, Sociálna poisťovňa's outstanding insurance claims totaled 35.54 billion crowns.

Almost 83% of the fund's expenditures were on sick leave benefits.

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