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Union insists it is following the law

Private health-insurer Union says its assets exceed the sum required by legislation by six fold, as it has over Sk1 billion (almost €33 million) in its accounts, the TASR news agency was told by Union spokesperson Judita Smatanová on October 14.

Private health-insurer Union says its assets exceed the sum required by legislation by six fold, as it has over Sk1 billion (almost €33 million) in its accounts, the TASR news agency was told by Union spokesperson Judita Smatanová on October 14.

"Therefore we are and will be able - as was also stated by the Health Care Surveillance Authority (ÚDZS) - to cover the health insurance of all our clients including the 41,000 new ones who decided to transfer to our company as of January 1, 2009," Smatanová said.

ÚDZS has launched proceedings against Union because its losses in 2008 could reach 50 percent of its basic assets, and this can threaten its license.

Union says it didn't break the law and is ready to discuss the situation with the ÚDZS. Union's Dutch shareholder, Eureko B.V., approved measures on October 13 that will further strengthen the company's position on the market. ÚDZS began its surveillance of Union on August 15 this year and called on the company to present its stance regarding its economic results, and a set of measures to reverse the negative economic development. TASR

Compiled by Zuzana Vilikovská from press reports
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