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FSC requires pension insurance companies and insurance undertakings to contract an independent external reviewerfrom a list of eligible reviewers

This press release publishes the list of independent external reviewers(IERs) eligible for performing the review of the assets of the Bulgarian pension funds and the balance sheet review of theBulgarian insurance undertakings.
Each pension insurance company andinsurance undertaking shall select an IER from this listand communicate such engagementto the Financial Supervision Commission (FSC) until 25 May 2016. The reviews will be performed in line with the methodology developed by the firm consultant – consortium Ernst & Young - steered by the Steering Committee (SC) and approved by the FSC. 
Approved list of IERs, eligible to perform the review of assets of the pension funds in Bulgaria Approved list of IERs, eligible to perform the balance sheet review of the insurers on the Bulgarian insurance market
DELOITTE AUDIT OOD, Bulgaria DELOITTE AUDIT OOD, Bulgaria
PWC AUDIT OOD, Bulgaria PWC AUDIT OOD, Bulgaria
RSM BULGARIA OOD, Bulgaria RSM BULGARIA OOD, Bulgaria
DZZD GD CONSORTIUM GRANT THORNTON BULGARIA - GREECE, Bulgaria and Greece DZZD GD CONSORTIUM GRANT THORNTON BULGARIA - GREECE, Bulgaria and Greece
KPMG AUDIT SRL, Romania KPMG AUDIT SRL, Romania
HLB BULGARIA OOD WILLIS TOWERS WATSON, The Netherlands
CLAYTON EURO RISK LIMITED, UK MILLIMAN SP. Z O.O., Poland
MAZARS SA, France MAZARS SA, France
 
Following detailed review of all submitted offers and based on consensus the SC recommended to FSC to approve the list of independent external reviewers, in compliance with Section 2 “Governance structure” of the Terms of Reference. The approved IERs meet the requirements specified exhaustively in the invitations published by FSC on 11 March 2016.
The SC, 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).
 
Each pension insurance company shall select for each of the participating pension funds it manages, as well as each insurance undertakings, an IER from the published list who will conduct the review in line with the methodology developed by the firm consultant, steered by the SC and approved by the FSC. 
The FSC shall appoint in compliance with the applicable legal framework the IER based on the choice of the respective pension insurance/ insurance company. The choice of the insurance/ pension insurance companies shall not be binding on the FSC. The FSC has the power to override the pension insurance/ insurance company’s selection and where no choice is made the FSC will appoint an IER ex officio.
All IERs’ fees entailed by the review will be paid by the respective companies.
The review will begin after the issuance of the relevant acts by the FSC in accordance with the Bulgarian legislation.
The IER reviews are expected to commence on 15 July 2016 and shall be concluded until 15 October 2016 with the issuing of the IER final reports. The exercises that were postponed in accordance to the unanimous decision of the SC members followed by a recommendation of the SC shall be concluded until 1 December 2016 with the publication of the final report. The cut-off/reference date for the reviews is June 30, 2016.
All participating undertakings are required by 25 May 2016 to send to the FSC information about the selected IERs. FSC will check the eligibility of the selected entities and will send a confirmation to the participating undertakings by 10 June 2016. The contracts for employment of the selected IERs shall be concluded by 17 June 2016, at the latest.