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AIG Life Bulgaria permitted to invest reserves abroad

Nuredin Kafelov, Member of the FSC, Head of Insurance Supervision Division, gave a permission to AIG Life Bulgaria to invest insurance reserves of the insurances denominated in EURO in government securities abroad. The insurance company can invest up to 100 % in government bonds, issued by European governments having  S&P rating “A” or higher, and up to 20% in corporate securities (bonds) with rating “A+” or higher.
In order to guarantee the rights and interest of the insured persons AIG Life Bulgaria must submit with the FSC monthly reports providing information on the premium income, on the amount of the insurance reserves of the insurances denominated in EURO, as well data  about the investment portfolio, formed as a result of the investments made abroad.