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Financial Supervision Commission assigns the preparation of the Insurance Stress Tests’ Methodology to EIOPA

Тhe Financial Supervision Commission has started today a procedure for public procurement for the selection of an independent external entity to conduct the organization and carrying out the stress tests of the Bulgarian insurers and reinsurers. Based on a recommendation of the Steering Committee the Financial Supervision Commission (FSC) took a decision to assign to representatives of EIOPA the preparation of the Methodology for carrying out of stress tests of the Bulgarian insurers and reinsurers (on solo and group level). The price for the public procurement announced by the FSC reflects the narrowed scope of the task.

The Steering Committee, which oversees the process for preparation the stress test exercise, 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 development of the Methodology and the organization and carrying out the stress tests of the Bulgarian insurers and reinsurers are performed on the grounds of § 10, Paragraph 4 of the Interim and Final Provisions of the Recovery and Resolution of Credit Institutions and Investment Firms Act.

Additional information for the public procurement procedure for the selection of an independent external entity to conduct the organization and carrying out the stress tests of the Bulgarian insurers and reinsurers is available on the following link.