The Social Insurance Supervision Department of the Financial Supervision Commission announced the results of the change of participation and transfer of funds of insured persons from one to another respective pension fund for the first quarter of 2021. The data were obtained on the basis of reports submitted by pension insurance companies to the Financial Supervision Commission.

In the first quarter of 2021, a total of 86,285 applications for change of participation and transfer of funds from one pension fund to another were submitted to the pension insurance companies.

A total of 74,471 insured persons from the applications submitted in the first quarter of 2021 have changed their participation in the supplementary pension insurance funds. The total amount of the funds transferred to another pension fund of the respective type is BGN 280,877,588.

Results of the change in the participation and transfer of funds from one to another respective pension fund for the first quarter of 2021 are available in section: Social Insurance activity / Statistics / Statistics and analysis / 2021.

The Social Insurance Supervision Department of the FSC announced the preliminary results of the supplementary pension insurance activity for 2021. The information was obtained on the basis of the reports and references submitted by the pension insurance companies to the Financial Supervision Commission. The data on distribution of insured persons by sex and age in the pension funds as of 31.21.2021 have also been published.

The total number of insured persons in the four types of pension funds as of 31.21.2021 is 4,849,754 people, increasing compared to 31.21.2020 by 0.64 per cent.

As of 31.12.2021, the net assets of the pension funds amount to BGN 19,557,121 thousand. Compared to the end of 2020, the net assets of pension funds increased by 13.08 percent.

The total revenues of the pension insurance companies for 2021 amount to BGN 311,101 thousand. The net financial result of the companies for 2021 amounts to BGN 75,219 thousand.

By the end of 2021, 7 lifelong pension payment funds (LPPFs) and 9 deferred payment funds (DPFs) have been established. During the period 01.09.2021 – 31.12.2021 a total of 270 pension contracts were concluded for payment of additional lifelong old-age pension and 1 863 contracts for deferred payment of funds with the first persons insured in the universal pension funds who have reached retirement age. . In order to make payments to these persons during the period 01.09.2021 – 31.12.2021, BGN 4,491 thousand were transferred from their individual accounts to the LPPFs and BGN 8,625 thousand to the DPFs. During the same period, BGN 52,000 was paid for pensions by the LPPF, and BGN 596,000 was paid by the DPFs for deferred payments to insured persons and BGN 8,000 once to heirs of insured persons who received deferred payments.

Funds in the amount of BGN 58,000 were once paid from the universal pension funds to insured persons who have reached retirement age.

Information on the preliminary results of the supplementary pension fund and payment fund activity for 2021 and on the insured persons and the accumulated funds as of 31.12.2021 by sex and age are available in the section: Social Insurance activity / Statistics / Statistics and analysis.

 The Social Insurance Supervision Department of the FSC announced the preliminary results of the supplementary pension insurance activity for 2020. The information was obtained on the basis of the reports and references submitted by the pension insurance companies to the Financial Supervision Commission. The data on distribution of insured persons by sex and age as of 31.12.2020 have also been published.

 The total number of insured persons in the four types of pension funds as of 31.12.2020 is 4,819,139 people, increasing compared to 31.12.2019 by 1.18 per cent.

 In the system of the supplementary pension insurance as of 31.12.2020, BGN 17,294,294 thousand of net assets have been accumulated. Compared to the end of 2019, the net assets of pension funds increased by 10.67 percent.

 The total revenues of the pension insurance companies for 2020 amount to BGN 217,020 thousand and increased by 8.88 per cent compared to the reported revenues for 2019. The net financial result of the companies as of 31.12.2020 amounts to BGN 58,432 thousand

 Detailed information on the preliminary results of the supplementary pension insurance activity for 2020 and on the insured persons and the accumulated funds as of 31.12.2020 by sex and age are available in the section: Social Insurance activity/ Statistics / Statistics and analysis / 2020.

Mr. Petar Dzhelepov – Member of the Financial Supervision Commission (FSC) took part in the Annual Report of the Bulgarian Fintech Association for 2021, dedicated to investments in the sector and the place of our country in Europe and the world, with an address on fintech regulations in the non-banking financial sector in Bulgaria and the strategy of the regulator for monitoring the financial innovations.

In the report, Mr. Dzhelepov analyses and outlines the successful development of the fintech sector in Bulgaria, the high technological progress in the non-banking financial sector, the regulations of these important innovations and digitalisations, the Financial Innovation Monitoring Strategy for the period 2021-2024, the introduction of the Innovation hub and its subsequent development, as well as the overall future of the fintech regulations applied by the Financial Supervision Commission.

One of the main goals of the Commission is the introduction of more innovations in the insurance, investment and pension insurance sector in Bulgaria, and at the same time protecting the interests of consumers to the possible maximum.

“In order to keep up with the new digital environment and the expectations of both participants and end users, we must constantly assess and, where necessary, adjust the regulatory framework to adequately deal with the changing risks and business models.” In order to ensure and adequately evaluate new product and business models, we conduct regular surveys on how innovations work and how innovations are applied and accepted among the companies under the Commission’s control. In addition, the main goal set by the Chairman of the FSC, Boyko Atanasov is the organization and implementation of educational programs aimed at increasing the financial literacy of consumers of financial services.”- said Mr. Dzhelepov.

The Financial Supervision Commission pursues a consistent innovation policy and in response to the digital financing package adopted by the European Commission, the FSC has adopted a Financial Innovation Monitoring Strategy for the period 2021-2024. It builds on the previous strategy and outlines a long-term directions in which the FSC would be committed to developing its supervisory activities and implementing the harmonization of the national regulatory framework and practices in the field of financial innovation at EU level.