Начало / News / At a session held on March 16, 2005, the Financial Supervision Commission adopted...

At a session held on March 16, 2005, the Financial Supervision Commission adopted the following Resolutions:


 1. The Commission imposed a temporary prohibition on a tender offer submitted by S&B Holding GmbH, Oberhausen, Germany, for the purchase of shares of Bentonit AD, Kardjali, from the company’s other shareholders through the Investment Intermediary Economic and Investment Bank PLC.

 2. The Commission approved a tender offer submitted by Bulgaria – Tex AD, Svilengrad, and Bulgaria 2000 AD, Kazanlak, for the purchase of shares of Bulgaria - К AD, Kazanlak, from the company’s other shareholders through the Investment Intermediary Bulbrokers AD, Sofia City. The price offered per share is BGN 24.

 3. The Commission imposed a final order of prohibition on a tender offer submitted by LUKOIL EUROPE HOLDINGS B.V., Holland, for the purchase of shares of LUKOIL NEFTOCHIM BURGAS AD, Burgas, from the company’s other shareholders through the Investment Intermediary Raiffeisenbank (Bulgaria) EAD, Sofia City.

 4. The Commission approved a tender offer submitted by ET Zaara – Yancho Ivanov, Stara Zagora, for the purchase of shares of Parvomai BT AD, Parvomai, from the company’s other shareholders through the Investment Intermediary Aval In AD, Sofia City. The price offered per share is BGN 4.49.

 5. The Commission entered Interlogic-Leasing SA, Sofia City, as a public company. The securities issue to the amount of BGN 725,710, allocated in 72,571 pieces of ordinary, registered shares, having a nominal value of BGN 10 each was also entered. The said issue constitutes the company’s court registered share capital.
 
6. The Commission adopted a Regulation on the own funds and solvency margins requirements of the insurers and health insurance companies. Its promulgation in the State Gazette is forthcoming.

Under the Regulation adopted, provisions settling for the first time the procedures for performing supervision over the solvency of insurers on consolidated basis were included. Thus, the requirements of Directive 98/78/EC on the supplementary supervision of insurance undertakings in an insurance group are completely introduced.
On the other hand, by adopting the new Regulation on the own funds and solvency margins requirements of the insurers and health insurance companies, the requirements of Directives 12 and 13 of 2002 of the EC regarding the determination of the solvency margin of the insurance undertakings are fully applied.
 At the same time, several texts were also specified, which texts could be ambiguously interpreted, and some omissions and incompleteness of the Regulation hitherto effective as established in the process of its implementation were removed.