The Chair of the Financial Supervision Commission – Boyko Atanasov launched the 20th anniversary edition of the educational program for students “The non-banking financial sector in Bulgaria”

On October 21, Mr. Boyko Atanasov – Chair of the Financial Supervision Commission (FSC) opened the 20th edition of the educational program for students “The non-banking financial sector in Bulgaria”. The traditional initiative is organized in partnership with the Ministry of Education and Science (MES) and the Atanas Burov Foundation. In the anniversary edition of the event, 22 students from vocational schools with an economic and financial profile from the cities of Blagoevgrad, Gorna Oryahovitsa, Varna, Kyustendil, Plovdiv, Sofia, Burgas, Stara Zagora, Veliko Tarnovo, Shumen, Gotse Delchev, Sliven, Smolyan will take part. , Montana, Silistra, Petrich, Kardzhali, Ruse, Varna, Yambol and Dryanovo.

The educational program is unique in Bulgaria. In its anniversary edition, it presents a balanced content between online-based presentations and virtual interactions, dedicated to the pension insurance, insurance and capital market, with speakers – FSC experts and business representatives.

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“I am honored to launch the 20th anniversary edition of the program, the focus of which is to increase the financial literacy of society. The sustainability of the program, its 20-year history, speaks of consistency, of commitment and, above all, of our responsibility to the generation that grows and is educated in the challenging environment of digitization and innovation.” shared Mr. Atanasov.

During the training, students and their teachers will learn about the three-pillar model of pension insurance, the development of the insurance market in Bulgaria, the mechanisms for consumer protection, the types of insurance and insurance supervision. The capital market and stock exchange trading are also part of the program during which the topic of the digital field of safe investing is presented, as well as the ways in which investors are protected.

To make the content even richer and more comprehensive, in sync with the latest trends in the non-banking financial sector, in 2022, lectures on fintech business models, prevention of money laundering and terrorist financing, the “green deal”, cyber security and cryptocurrencies and more.

“I believe that the shared experience of the experts with whom you will work will help you to be more responsible for your finances, to be drivers of change, but above all with the awareness of financial culture, to have the confidence and courage to pursue your dreams you are.” said  Mr. Boyko Atanasov in his address to the participants.

The program continues until the middle of November, when all students will receive a certificate for their participation in the educational initiative.

The management body of the Financial Supervision Commission hosted an official meeting with the Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA)

The Chairperson of the Financial Supervision Commission (FSC) Mr. Boyko Atanasov, as well as its Vice Chair in charge of the Insurance Supervision Division Mr. Vladimir Savov and the Vice Chair in charge of the Social Insurance Supervision Division Ms. Diana Yordanova held an official meeting with the Chairperson of EIOPA Ms. Petra Hielkema.

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During the meeting, they discussed the strategic priorities in two main aspects of the non-banking sector, namely the insurance and the pension insurance area. The FSC management body emphasized its readiness to cooperate with EIOPA within the framework of various committees, working groups, as well as when attempting to achieve common goals in order to secure financial stability in both the insurance and pension insurance area.

The FSC management body expressed its gratitude to the European institution for its continuous efforts aimed at boosting the expertise of the national regulators. Due to its specialized trainings, the FSC officers will continue with their participations in various events organized by EIOPA which are meant to improve and enlarge their supervisory capacity.

Both institutions agreed upon their joint priorities set by them, namely digitalization, sustainable finance, effective cooperation at the EU level, financial innovations and consumers’ protection, as well as their synchronized functioning aimed at achieving stronger convergence in the EU, as regards the specified issues.

On its part, EIOPA emphasized its preparedness to support the national regulators, more precisely the FSC needs, and to facilitate the achievement of the common EU priorities. Both authorities agreed on the concept that the forthcoming new legislation dedicated to the Solvency II review, the future insurance recovery and resolution framework (IRRD), the digitalization and the sustainable finance poses a new challenge, which has to be met based on the developed partnership.

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“In 2022 the FSC commenced a new strategic period. In the course of it, we shall continue to be of consumers’ use through effective communication, unbiased decisions and foreseeable actions. Our present-day meeting makes us more self-confident due to the successful partnership with EIOPA and the shared professional experiences” pointed out Mr. Boyko Atanasov.

The Chair of the Financial Supervisory Service, Boyko Atanasov, opened the anniversary conference “140 years of Bulgarian insurance”

On October 5, 2022, in the presence of officials and guests, an anniversary conference was held on the occasion of 140 years since the beginning of insurance in Bulgaria and 30 years since the establishment of the Association of Bulgarian Insurers (ABI). The prestigious event is organized by ABI, a long-standing partner of the Financial Supervision Commission (FSC).

The conference was opened by Mr. Konstantin Velev – Chair of the Board of ABI, Mrs. Daniela Dobreva – Deputy Minister of Finance and Mr. Boyko Atanasov – Chair of the Financial Supervision Commission. Leading figures of European insurance were also present – Mrs. Petra Hielkema, President of the European Insurance and Occupational Pensions Authority (EIOPA), Michaela Köhler – Director General of the European Federation of Insurers Insurance Europe and Didier Millero – Head of the Insurance and pension insurance Sector in the Directorate General “Financial Stability, Financial Services and Capital Markets Union” of the European Commission.

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Mr. Velev set the highlights of the conference – regulations, competitiveness and the growing climatic, demographic and digital risks of the modern age, as well as the search for appropriate protection against them.

In her speech, the Deputy Minister of Finance – Ms. Daniela Dobreva emphasized the successful partnership of the Ministry of Finance with the FSC and the ABI, as “the goal is to increase the protection of users of insurance services, guarantee financial stability and preserve the competitiveness of Bulgarian insurers”.

The Chair of the FCS – Mr. Boyko Atanasov welcomed the participants and shared that “the role of the Association of Bulgarian Insurers is to be a pillar of security, a balancer for diplomacy, a visionary for conquering new horizons. I believe that the words that best describe our joint work with the insurance sector in Bulgaria are dialogue, technological orientation and cause”.

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The Financial Supervision Commission will continue to support the insurance industry and work to achieve a smooth implementation of the new regulations affecting this sector in the country. As of the first half of the year, it represented 3.9% of GDP calculated on the basis of gross premium income (insurance penetration), and 8.2% calculated on the basis of insurers’ assets (2021 data). For the first six months of 2022, Bulgarian insurers realized gross premium income in the amount of BGN 1.7 billion, taking into account an increase in written premiums of 11%, and for the same period benefits were paid in a total amount of BGN 684 million , with the same growing by 10% on an annual basis.

The cited data are an indicator of a stable insurance market, which is a prerequisite for a higher level of competitiveness and at the same time for maintaining confidence in it. Innovation is about to be created and introduced, with the potential to position insurance companies and their customers at another level.

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During the conference, Mr. Vladimir Savov, Deputy Chair of the FSC, Head of the Insurance Supervision Department, took part in the discussion part of the panel “Insurance Market: Regulations and Competitiveness – in Search of the Balance”. Topics fundamental to insurance were discussed and effective policies were outlined to stimulate the development of the sector, with all the resulting benefits for the economy and society.

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The management of the FSC held an official meeting with the Chair of the European Insurance and Occupational Pensions Authority (EIOPA)

The Chair of the Financial Supervision Commission (FSC) Mr. Boyko Atanasov and the Deputy Chairs of FSC – Mr. Vladimir Savov, Head of the Insurance Supervision Department and Ms. Diana Yordanova, Head of the Social Insurance Supervision Department, held an official meeting with Ms. Petra Hielkema, President of the European Insurance and Occupational Pensions Authority (EIOPA).

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During the meeting, strategic priorities were discussed in two of the most important directions in the non-banking sector – insurance and pension insurance. The management of the Financial Supervision Commission declared its readiness to cooperate with EIOPA, within committees, taskforces and the implementation of common goals aimed at ensuring financial stability in the insurance and pension sectors.

The FSC expressed its gratitude to the European institution for its constant efforts to increase the expertise of national regulators. Through focused trainings, Commission staff will continue their participation in EIOPA events to improve and expand supervisory capacity.

The two institutions expressed mutual agreement on the common priorities facing them, namely digitization, sustainable finance, effective cooperation within the European Union (EU), financial innovation and consumer protection, as well as working in sync to achieve the – great convergence in the EU on the mentioned topics.

EIOPA, for its part, declared its readiness to be of assistance to national regulators and, in particular, to the needs of the FSC, as well as to assist in the achievement of common EU priorities. Both bodies agreed that with the upcoming Solvency 2 review legislation, the future legal framework for insurers recovery and resolution of insurers (IRRD), digitalisation and sustainable finance, there are new challenges that will be met through the established partnership.

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“In 2022, the Financial Supervisory Commission started a new strategic period, and in it we will once again be in favor of consumers, through effective communication, objective decisions and predictable actions. Our meeting today gives us even more confidence, because in EIOPA we have not only a successful partnership, but also shared professional experience”, stated Mr. Boyko Atanasov, Chair of FCS.