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Financial Supervision Commission approves independent external reviewers to conduct the reviews in the insurance and pension funds sectors

On 10 June 2016 FSC approved the appointments of independent external reviewers (IERs) to all pension funds and to the majority of the insurers. With regard to the rest of the insurers, a decision for appointment of IERs shall be taken on a later stage, but not later than 30 June 2016, after presenting of all evidences for compliance of their respective teams with the selection criteria described in paragraph 10 of the insurance sector invitation.

Regarding the companies from point 46 to point 54 of Annex 6 from the Methodology for the review of the balance sheets of the insurers, the question on the review of the balance sheets of the insurance groups and sub-groups shall be decided on a next FSC meeting. This is necessary in view of the complaints received at FSC.

The assessment of compliance with the invitations’ criteria performed by FSC is supported by the Steering Committee recommendations. The Steering Committee, which oversees the reviews, includes representatives from the FSC and European Insurance and Occupational Pensions Authority/EIOPA (voting members), as well as representatives from the Ministry of Finance, the Bulgarian National Bank, European Commission and European Securities and Markets Authority/ESMA (observers with advisory powers).

The list of the independent external reviewers appointed in compliance with the applicable legal framework to the respective participating undertaking could be found in the files below.

All IER’ fees entailed by the BSR/AR will be paid by the respective participating undertaking.
The field work of the reviewers shall start on 15 July 2015.