Periodic reports and statements of insurance brokers

The package of reports, statements and appendices in connection with the submission to the Financial Supervision Commission of the periodic reports of the insurance brokers as of 30.06.2021, on the grounds of Art. 311, para. 3, item 2, in connection with para. 4 of the Insurance Code has been updated.

In connection with the above, the completion of the above reports and statements, and their submission through the electronic portal of the FSC, must begin after downloading the mandatory updated format (version 30.06.2021), published on the FSC website at:

www.fsc.bg, section “Administrative documents”, subsection “Forms and templates”, “Insurance market”.

IMPORTANT:

Attachments must meet the following conditions:

  • The main file containing the reference package according to Appendices 2.1-2.8 and 3.1-3.4 with basic information must be in .xls format (Microsoft Excel 2003);
  • The content of the main file with basic information must be filled in according to the templates approved by the Financial Supervision Commission, observing all rules for data validity (these rules are not part of this instruction and can be downloaded from the Financial Supervision Commission website) ;
  • The name of the main file with basic information must be formatted according to the rules set by the Financial Supervision Commission;
  • Appendix No. 1 shall be filled in according to the attached template contained in the reference package, the information must be in .xls format;
  • Files must be signed with a universal electronic signature in p7m or p7s format (PKCS # 7), and encryption should NOT be used when signing;
  • The signature on the files must belong to the same employee who logged in the system.

Periodic reports and statements of insurance brokers

The package of reports, statements and appendices in connection with the submission to the Financial Supervision Commission of the periodic reports of the insurance brokers as of 31.12.2021, on the grounds of Art. 311, para. 3, item 2, in connection with para. 4 of the Insurance Code has been updated.

In connection with the above, the completion of the above reports and statements, and their submission through the electronic portal of the FSC, must begin after downloading the mandatory updated format (version 31.12.2021), published on the FSC website at:

www.fsc.bg, section “Administrative documents”, subsection “Forms and templates”, “Insurance market”.

IMPORTANT:

Attachments must meet the following conditions:

  • The main file containing the reference package according to Appendices 2.1-2.8 and 3.1-3.4 with basic information must be in .xls format (Microsoft Excel 2003);
  • The content of the main file with basic information must be filled in according to the templates approved by the Financial Supervision Commission, observing all rules for data validity (these rules are not part of this instruction and can be downloaded from the Financial Supervision Commission website) ;
  • The name of the main file with basic information must be formatted according to the rules set by the Financial Supervision Commission;
  • For Appendix No. 2.4, Appendix No. 2.8, Appendix No. 3.2 and Appendix No. 3.4 of the main file with basic information contained in the reference package, the Note section should indicate the country in which the insurer / reinsurer has its registered office and the territory on which the risk under the concluded insurance / reinsurance contract is located
  • Appendix No. 1 shall be filled in according to the attached template contained in the reference package, the information must be in .xls format;
  • The Insurance Code stipulates an obligation for insurance brokers to submit information on the ongoing professional training and development of the persons under Art. 303, para. 2 and 3 and Art. 304, para. 1 of the IC within the year. The reports shall be submitted to the Commission annually by January 31 of the following year. For this purpose, Appendix No. 3 in .xls format should be filled in, according to the attached template contained in the reference package;
  • Files must be signed with a universal electronic signature in p7m or p7s format (PKCS # 7), and encryption should NOT be used when signing;
  • The signature on the files must belong to the same employee who logged in the system.

Order of the Sofia Regional Court

At its meeting on 01.12.2020 the FSC decided to send a request to the Chairperson of the Sofia Regional Court to order all enterprises providing public electronic communications networks and / or services to suspend access to websites duly described in the FSC Decision No. 862-ИП/ 19.11.2020. According to the cited decision, the sites should have stopped offering investment services by 23.11.2020, because they belong to persons who are not entitled to carry out investment activities.

 The Chairperson of the Sofia Regional Court ordered all enterprises providing electronic communications networks and / or services within 24 hours from the publication of the order on the FSC website (14.01.2021) to suspend access from the territory of the Republic of Bulgaria to 4 the websites explicitly mentioned in the FSC’s request.

 The suspension of access to the described websites is necessitated by the fact that investment services are provided through them by persons who are not entitled to provide such services on the territory of the Republic of Bulgaria.

 The order of the Chairperson of the Sofia Regional Court which lists the websites to which access should be suspended can be found in the attached file (available in BG version).

Order of the Sofia Regional Court

At its meeting on 23.03.2021 the FSC decided to send a request to the Chairperson of the Sofia Regional Court to order all enterprises providing public electronic communications networks and / or services to suspend access to websites duly described in the FSC Decision No. 128-ИП/ 11.03.2021. According to the cited decision, the sites should have stopped offering investment services by 15.03.2021, because they belong to persons who are not entitled to carry out investment activities.

 The Chairperson of the Sofia Regional Court ordered all enterprises providing electronic communications networks and / or services within 24 hours from the publication of the order on the FSC website (05.04.2021) to suspend access from the territory of the Republic of Bulgaria to 8 the websites explicitly mentioned in the FSC’s request.

 The suspension of access to the described websites is necessitated by the fact that investment services are provided through them by persons who are not entitled to provide such services on the territory of the Republic of Bulgaria.

 The order of the Chairperson of the Sofia Regional Court which lists the websites to which access should be suspended can be found in the attached file (available in BG version).

Order of the Sofia Regional Court

At its meeting on 07.10.2021 the FSC decided to send a request to the Chairperson of the Sofia Regional Court to order all enterprises providing public electronic communications networks and / or services to suspend access to websites duly described in the FSC Decision No. 716-ИП/28.09.2021 and which by 07.10.2021 have not stopped offering investment services and activities by persons who are not entitled to carry out such services.

The Chairperson of the Sofia Regional Court ordered all enterprises providing electronic communications networks and / or services within 24 hours from the publication of the order on the FSC website (14.10.2021) to suspend access from the territory of the Republic of Bulgaria to the four websites explicitly mentioned in the FSC’s request.

The suspension of access to the described websites is necessitated by the fact that investment services are provided through them by persons who are not entitled to provide such services on the territory of the Republic of Bulgaria.

The order of the Chairperson of the Sofia Regional Court, together with the websites to which access should be suspended can be found in the attached file (available in BG version only).

OECD assessed highly the supplementary pension insurance in Bulgaria and supports the future measures for its improvement

There are prepared private pensions amendments whose primary objective is increasing old-age income and guaranteeing adequate pension benefits

In 2024 the Insurance and Private Pensions Committee of the Organization for Economic Co-operation and Development (OECD) carried out a research mission in Sofia which reviewed the supplementary pension insurance and assessed the compliance of the Bulgarian legislation and the supervisory activity with the OECD recommendations on the key principles for private pensions regulation.

As a result of the good partnership between the co-chairs – the Ministry of Finance and the Financial Supervision Commission (FSC), as well as the efforts of the Ministry of Labour and Social Policy, the representatives of other institutions, social partners and the industry, the review of the private pensions has already been successfully completed.

The Chair of the Working party on Private Pensions at the Insurance and Private Pensions Committee of the Organization for Economic Co-operation and Development (OECD) acknowledges the strengths of the supplementary pension insurance, including:

  • the multi-pillar pension model;
  • the stable legal framework;
  • the competent risk-based supervision.

The ability of the country to implement the OECD legal instruments and the excellent cooperation with the Bulgarian authorities during the review have been highly valued.

In this regard the OECD also notes the possibility for considering certain aspects that could contribute to improving the pension system that are in line with the philosophy of the possibilities for legislative amendments such as:

  • introduction of consumer choice between different investment strategies according to their life-cycle and risk tolerance (the so-called “multifunds model” encompassing funds with different investment profile);
  • review of the rules determining the investment opportunities to achieve growing profitability.

For this purpose, the competent institutions in the country should state clearly and in sync their commitment to the development of legislative amendments, the philosophy of which is supported in the context of the recommendations given by the OECD.

Joining the Organization for Economic Co-operation and Development is a key priority for the Republic of Bulgaria, in view of which the Financial Supervision Commission confirms its readiness and commitment to participate in the development of the pension system in the country in order to guarantee trust, fairness, stability and transparency.

The Financial Supervision Commission and the Bulgarian Association of Supplementary Pension Security Companies have started a dialogue and are ready to propose changes to the regulatory framework in the field of supplementary pension insurance, the ultimate goal of which is to increase the profitability of the management of the funds on the individual accounts of the citizens, respectively achieving an adequate replacement income upon withdrawal from the labor market (retirement).

Notice of issued general administrative act

A general administrative act was issued – Decision No. 107-ОЗ of 02.03.2021 for determining the amount of minimum percentages, according to Art. 91, para. 3, item 2 of Ordinance No. 53 of 23.12.2016 on the requirements for reporting, valuation of assets and liabilities and the formation of technical reserves of insurers, reinsurers and the Guarantee Fund (Ordinance No. 53), as well as the period for their application.

The decision is available on the FSC website in the section Administrative Documents, Decisions, 2021, March.

Notice of issued general administrative act

A general administrative act was issued – Decision No. 124 of 14.02.2022 for determining the amount of minimum percentages, according to Art. 91, para. 3, item 2 of Ordinance No. 53 of 23.12.2016 on the requirements for reporting, valuation of assets and liabilities and the formation of technical reserves of insurers, reinsurers and the Guarantee Fund (Ordinance No. 53), as well as the period for their application.

The decision is available on the FSC website in the section Administrative Documents (available in BG version).

Notice of initiating proceedings for the issuance of a general administrative act

The Financial Supervision Commission initiates proceedings for the issuance of a general administrative act – Decision for determining the amount of minimum percentages, according to Art. 91, para. 3, item 2 of Ordinance No. 53 of 23.12.2016 on the requirements for reporting, valuation of assets and liabilities and the formation of technical reserves of insurers, reinsurers and the Guarantee Fund (Ordinance No. 53), as well as the period for their application. The draft act can be found on the FSC website in the section “Public consultations” (available in BG version).

Notice of initiating proceedings for the issuance of a general administrative act

The Financial Supervision Commission initiates proceedings for the issuance of a general administrative act – Decision for determining the amount of minimum percentages, according to Art. 91, para. 3, item 2 of Ordinance No. 53 of 23.12.2016 on the requirements for reporting, valuation of assets and liabilities and the formation of technical reserves of insurers, reinsurers and the Guarantee Fund (Ordinance No. 53), as well as the period for their application. The draft act can be found on the FSC website in the section “Public consultations” (available in BG version).

The proceedings for the issuance of a general administrative act, opened on 06.01.2021 – Decision for determining the amount of minimum percentages, according to Art. 91, para. 3, item 2 of Ordinance No. 53, have been closed. The Financial Supervision Commission initiates proceedings for the issuance of a general administrative act – Decision for determining the amount of minimum percentages, according to Art. 91, para. 3, item 2 of Ordinance No. 53 of 23.12.2016 on the requirements for reporting, valuation of assets and liabilities and the formation of technical reserves of insurers, reinsurers and the Guarantee Fund (Ordinance No. 53), as well as the period for their application. The draft act can be found on the FSC website in the section “Public consultations” (available in BG version).

The proceedings for the issuance of a general administrative act, opened on 06.01.2021 – Decision for determining the amount of minimum percentages, according to Art. 91, para. 3, item 2 of Ordinance No. 53, have been closed.