Начало / News / At a session held on March 8, 2006, the Financial Supervision Commission (FSC) adopted...

At a session held on March 8, 2006, the Financial Supervision Commission (FSC) adopted the following resolutions:


1. The Commission adopted an Ordinance on compulsory insurance under Art. 249, paras. 1 and 2 of the Insurance Code and on the methodology of claims settlement of damage indemnities caused by motor vehicles. The Ordinance’s publication in the State Gazette is forthcoming.

The Ordinance regulates the terms of and the conditions for performing compulsory insurance under the Third Party Liability of the Motorists Insurance and Accident of the Passengers Insurance by conforming these to the new requirements set under the Insurance Code. The insurers may also apply terms and conditions different to those specified under the Ordinance only in the case where these are more favourable to the customers.

The Ordinance specifies the minimum requirements towards the contents of the policies on these insurances, such as data on the insurer, data on the insured person and car, premium due, etc. The documentation that is to be submitted by the injured persons in order to consider their claim and specify the insurance indemnity is also listed. The requirement stating that the insurer is to compulsorily provide a sticker to the insured is preserved. The said sticker is to be placed on the automobile’s windscreen. The requirement stating that the driver is always to also carry with him/her the counterfoil (control sheet) along with the sticker, which is to be submitted along with the insurance policy in the case of inspection by the controlling authorities is newly introduced.

The minimum amount of the indemnity against damages caused to automobiles shall be specified by utilizing the methodology which is an addendum to the Ordinance. The said methodology establishes a procedure for specifying the actual value of the different automobiles and the factors that are to be considered when calculating the indemnity’s amount. The methodology shall be applied by insurers and by the Guarantee Fund; where the insurers may also utilize a different methodology at their own discretion should such methodology be more favourable to the customers and provide for forming higher indemnities in terms of amount.

2. The FSC issued a new licence to Elana Trading JSC, Sofia City, to perform activity as an investment intermediary. The investment intermediary may effect the investment and additional activities and services provided for under POSA, including underwriting issues and transacting in securities for one’s own account. In order to perform activities and provide services under the new licence, it shall be required that the company has at its disposal at any time capital amounting to not less than BGN 1,500,000. 

3. The FSC issued a new licence to Balkan Advisory Company Ltd., Sofia City, to perform activity as an investment intermediary. The investment intermediary may effect the investment and additional activities and services provided for under POSA, without underwriting issues and transacting in securities for one’s own account. In order to perform activities and provide services under the new licence, it shall be required that the company has at its disposal at any time capital amounting to not less than BGN 250,000. 

4. The FSC issued a new licence to Aval In AD, Sofia City, to perform activity as an investment intermediary. The investment intermediary may effect the investment and additional activities and services provided for under POSA, without underwriting issues and transacting in securities for one’s own account. In order to perform activities and provide services under the new licence, it shall be required that the company has at its disposal at any time capital amounting to not less than BGN 250,000. 

5. The FSC issued a new licence to Sentinel Asset Management JSC to perform activities as a management company.

6. The Commission confirmed a prospectus for secondary public offering of an issue of ordinary dematerialized voting shares issued by Bulgarian-American Credit Bank PLC, Sofia City. The issue amounts to BGN 12,624,725, distributed in 12,624,725 pieces of ordinary shares having nominal value of BGN 1 each, having ISIN Code: BG1100098059. The issue represents the company’s authorised capital stock. Bulgarian-American Credit Bank PLC shall be entered as a public company into the FSC’s Registry, and the issue of shares shall be traded on the stock exchange.
Bulgarian-American Credit Bank PLC is part of the economic group of its main shareholder - The Bulgarian-American Enterprise Fund (BAEF), which directly holds 99.08% of the bank’s stock.

7. The Commission confirmed a prospectus for secondary public offering of an issue of secured corporate bonds issued by BM Leasing JSC, having ISIN Code: BG2100023055. The issue amounts to EUR 3,500,000, distributed in 3,500 pieces of ordinary, registered, dematerialized, interest-bearing, secured bonds having a nominal and issue value of EUR 1,000 each one, 36-month maturity, a fixed interest percentage rate amounting to 6.40% simple interest on an annual basis, a three-month interest payment period, date of issuance: September 20, 2005, and maturity: September 20, 2008. BM Leasing JSC shall be entered as an issuer into the FSC’s Public Registry.
The BM Leasing JSC’s subject of activity is mainly connected with leasing assets: machines, production equipment, cars and lorries, specialized transport equipment, real estates. The issuer’s majority owner, holding 67.55% of its capital stock, is The Bulgarian-American Enterprise Fund (BAEF).

8. The Commission confirmed a prospectus for secondary public offering of an issue of non-secured corporate bonds issued by SV. SV. KONSTANTIN I ELENA HOLDING PLC, Varna, having ISIN Code: BG2100041057. The issue amounts to EUR 5,000,000, distributed in 5,000 pieces of ordinary, registered, dematerialized, interest-bearing, secured bonds having a nominal and issue value of EUR 1,000 each one, 72-month maturity, with floating interest percentage rate to the amount of 6-month EUROBOR plus a margin of 5 points simple interest rate on an annual basis, a six-month interest payment period, date of issuance: December 20, 2005, and maturity: December 20, 2011.
The funds raised through the issue shall be used for construction development and sales of houses, tourism development and shares acquisition, related to the company’s direct activity.
The company’s main shareholders are Andezit Ltd., Ital Commerce 75 Single Person LLC, Rent-a-Park Single Person LLC, each one holding 28.17% of the issuer’s stock capital.

9. The Commission registered Pravin Benker as a professional investor.