The Chair of the FSC, Boyko Atanasov, presented the Regulator’s Development Strategy for 2022-2024 during a round table “Strategic Management and Regulation of Business Processes in the State”

Mr. Boyko Atanasov, Chair of the Financial Supervision Commission, presented some of the results achieved by the FSC for the period 2019-2022, as well as important highlights of the adopted Development Strategy of the FSC for the period 2022-2024. The presentation today was within the framework of a round table on the topic “Strategic Management and Regulation of Business Processes in the State”, organized by the Higher School of Insurance and Finance (VUZF) and its Laboratory for Academic and Applied Research.
The Chair of the FSC presented to the audience some of the results achieved for the last three-year period. 2019 – 2022, on the one hand, is the time frame of the FSC Strategy for the specified period, and on the other hand, this period also coincides with the election of Boyko Atanasov for the position of Chair of the Commission.
“For the three-year period, we managed to ensure stability of the insurance market, we introduced innovations in the regulations of the capital market and strengthened the pension-insurance market to the extent of exceptional rigor and full transparency. All this happened in sync with the development of the organization – digitization, optimized processes and at the same time improvement of the team of high-level experts of the FSC. We worked with public visibility for every single innovation or sanction we made.”

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Mr. Atanasov briefly presented the new Strategy for the development of the FSC for the period 2022-2024 as a basic and important tool for achieving the set goals and expected results. “The facts about the results achieved so far, presented in the report for the previous period, presented on the official page of the FSC, show that the Strategy of the FSC is well formulated and the main priorities and set sub-goals are being implemented. The strategy of the FSC for the upcoming period is aimed at several main priorities, with the ultimate goals being the reduction of  administrative burden, flexibility and adaptability to the business environment, and optimization of processes through digitization.”
During the round table discussions, he also announced the upcoming presentation of the new institutional site of the FSC and the Commission’s mobile application, the purpose of which is to facilitate users in the process of obtaining information about regulations in the non-banking financial sector. Boyko Atanasov also described the functions of the Innovation Hub, providing a single point of contact with FinTech companies. It was clearly emphasized that the establishment of a unified information system for submitting and receiving information from supervised persons in an electronic standardized format is also in progress.

“We act as a referee, not a player. In detail – we aim to create conditions for equality in the criteria for access to capital markets and opportunities for fair competition between participants. When we give trust and fair treatment, we get trust and fair treatment. This should be the basic principle of functioning not only of the Commission, but also of any other state organization. The governance style should be authoritative, not authoritarian.” Mr. Boyko Atanasov also stated.

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The presentation ended with an emphasis on the regulatory functions of the FSC and the resulting benefits for users of financial services, by ensuring stable and secure financial markets.
During the event, the panelists – leading representatives of state institutions and regulatory bodies, experts, representatives of the academic and scientific field, represented by the Fiscal Council, the Executive Agency for the Promotion of Small and Medium Enterprises, the Bulgarian Development Bank, Unicredit Bulbank, the Bulgarian forum of business leaders, VUZF, the Bulgarian National Bank, the Bulgarian Stock Exchange and the FSC discussed the interaction between business and the state, strategic directions and priorities, the state budget as instruments in the implementation of this policy, as well as how far the regulatory function of the state should extend.

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The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from “Societa Cattolica di Assicurazione S.p.A.”to“Generali Italia S.p.A.”

The Financial Supervision Commission (FSC) has been notified by the competent authority of the Republic of Italy (IVASS) of the forthcoming portfolio transfer from the insurance undertaking “Societa Cattolica di Assicurazione S.p.A.” to “Generali Italia S.p.A.”, both with head offices in the Republic of Italy. After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of the Republic of Italy on granting consent for the transfer of the insurance portfolio from the “Societa Cattolica di Assicurazione S.p.A.” to “Generali Italia S.p.A.”.

After the insurance portfolio transfer “Societa Cattolica di Assicurazione S.p.A.” to “Generali Italia S.p.A.” will continue to operate on the territory of the Republic of Bulgaria under the conditions of the freedom to provide services.

Chair ofthe Financial Supervision Commission– Boyko Atanasov opened the „FinTechandInsurtechSummit”

On March 29 the Chair of the Financial Supervision Commission (FSC) – Boyko Atanasov opened the Capital forum – “Fintech and Insurtech Summit”. At the special invitation of Mr. Alexey Lazarov – editor-in-chief of Capital magazine, he spoke about the main challenges, among which are: clarity about the functioning and implementation of innovations in the FinTech sector, the balance of the innovation risks versus consumer benefits ; equilibrium between promoting innovations and maintaining levels of customer and business protection against potential negative events; assessment and adjustment of the regulatory framework against changes or completely new business models and the resulting potential risks.

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The FSC Chair raised questions about why we need innovative FinTech products and how to create a regulatory framework that triggers development rather than restrictions, promotes progress rather than maintaining the status quo, provokes creative thinking rather than looking for legal obstacles to growth. “My belief is that laws and regulations change namely because of new products, services and technologies. I am convinced that the administration should support the business and be in a position of exceptional visibility and audibility, both for new products and for development trends”, Mr. Boyko Atanasov also shared.

The digital future of Europe and working in sync with pan-European regulations were within the scope of the topics covered by Mr. Atanasov. The creation of the European Blockchain Sandbox, the legislative proposal for a Regulation on Markets in Crypto-Assets (MiCA) and the Digital Operational Resilience Act (DORA), as part of the Digital Finance Package, aim to increase the quality of the services offered in the financial sector by stimulating the development of financial innovations, while establishing the appropriate levels of security and their protection. Relative to the Bulgarian capital market, this would mean an increase in its attractiveness, both for local and foreign investors.

            The FSC Chair – Boyko Atanasov, assured the participants of the event that the FSC is focused on its main functions – the protection of users of financial services, ensuring a stable non-banking financial sector and creating an environment in which the business can operate without obstacles. In this regard, he pointed out that the purpose of the FSC is to consider financial innovation through the prism of these main functions of the Commission for the capital, insurance and pension insurance market.

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Since 2020, the Financial Supervision Commission has been on the innovation map through the Innovation Hub, the mobile application presented a few months ago – FSC Mobile, as well as the building of a Unified Information System (UIS), the idea of which is to reduce the administrative burden, to obtain full digitization of administrative services and to have connectivity with European regulators at a modern digital level. The ultimate goal is to save business and people time.

            Users and supervisees are also currently facilitated with access to information via FSC Mobile – the Commission’s own mobile application, which provides additional convenience by providing non-banking financial sector participants with up-to-date news, a calendar of events and a reference facility.

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“In the last 3 years, the FSC has been the balancer of the non-banking financial sector, as well as a business partner. I believe that the FinTech industry and the regulator are one system, and together we will ensure that customers are protected when using some of the most innovative FinTech financial products, and together we will continue to build the digital future”, said the FCS Chair to the participants of the event.

FSC and FID SANS carried out jointly training regarding the update of the NRA of the Republic of Bulgaria

In June 22nd, 2023 the Financial Supervision Commission and the Financial Intelligence Directorate – SANS conducted a training focused on topics related to the implementation of the AML/CFT measures provided for in the Law on Measures Against Money Laundering, the Law on the Measures Against the Financing of Terrorism and the acts on their implementation, organized by the Association of the Insurance Brokers in Bulgaria for its members. The event was attended by 30 representatives of members of the Association of the Insurance Brokers in Bulgaria.

In the course of the meeting were discussed the following topics:

  • update of the NRA of the Republic of Bulgaria, adopted in 2023;
  • CDD measures.

The conducted training aimed to deepen the understanding of the representatives of the insurance intermediaries which have obtained a licence under the terms and according to the procedure established by the Insurance Code, where carrying on one or more of the classes of insurance referred to in Section I of Annex No. 1 to the Insurance Code, of the importance to comply with the requirements of the preventive legislation and their essential role in the process of maintaining the stability of the financial sector and in assisting to the competent state authorities in preventing and detecting money laundering and terrorist financing activities.

The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from “MSIG Insurance Europe AG” to “MS Amlin Insurance SE”

The Financial Supervision Commission (FSC) has been notified by the competent authority of Germany of the merger from the insurance undertaking “MSIG Insurance Europe AG” to “MS Amlin Insurance SE”, including insurance contracts on which Bulgaria is a Member State where the risk is located. After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of Germany on granting consent of the merger of “MSIG Insurance Europe AG” to “MS Amlin Insurance SE”.

Boyko Atanasov – Chair of the Financial Supervision Commission, presented the prize in the “Young Auditor” contest

By special invitation of the organizers from the Higher School of Insurance and Finance (VUZF) and the auditing companies “HLB Bulgaria” and “Zaharinova Nexia”, Mr. Boyko Atanasov, Chair of the Financial Supervision Commission, was among the official guests of the 12th edition of national audit contest “Young Auditor”. The competition distinguishes students from all over the country, with an interest in the auditing profession, as well as traditionally popularizes it among the whole society.

  “I admire the 12 years of effort to give recognition to the auditing profession. The audit is a key element in the financial sphere, in particular, in the non-banking financial sector, and the functioning of the entire system is unthinkable without it”, said the Chair of the Financial Supervision Commission addressing the organizers.

Mr. Boyko Atanasov presented the prize to the student who won first place in the contest. He addressed all the participants with the words: “Be strong, be brave, don’t be satisfied with what you have achieved today and remember that without extra effort, success is not possible. Good luck!”.

Among the special guests of the “Young Auditor” contest were Ms. Gorica Kozhareva – Chair of the Bulgarian National Audit Office, His Eminence Bishop Pachomius of Branitsa – Rector of the Sofia Theological Seminary, Mr. Vladimir Savov – Deputy Chair in charge of the Insurance Supervision Division in the Financial Supervision Commission, Mr. Genko Nikolov – Secretary General of the Commission for Public Oversight of Statutory Auditors, Mr. Boyko Kostov – Chair of the Institute of Certified Public Accountants in Bulgaria, Mr. Stefan Belchev – Director of the Public Financial Inspection Agency and Ms. Stefka Stoeva – former constitutional judge.

In 2023, more than 50 students from 12 universities in the country took part in the contest, among them the Higher School of Insurance and Finance (VUZF), Sofia University “St. Kliment Ohridski”, University of National and World Economy (UNWE), D. A. Tsenov Academy of Economics, University of Economics – Varna, Varna Free University “Chernorizets Hrabar”, Burgas Free University, South-West University “Neofit Rilski”, New Bulgarian University, Paisii Hilendarski University of Plovdiv.

The event ended with a speech towards the students and guests by Denislav Georgiev – the winner of the 2022 contest.

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The leadership team of the FSC honored Insurer of the Year 2022

On May 17, at an official ceremony, the best insurance and pension insurance companies in Bulgaria for 2022 were awarded

The awards, which are organized by the Higher School of Insurance and Finance (VUZF), the Association of Bulgarian Insurers (ABI), the Bulgarian Association of Supplementary Pension Security Companies (BASPSC), the foundation “Prof. Veleslav Gavriyski” and the Bulgarian Association of Insurance Brokers (BAIB), through an expert jury, for the 15th year in a row, determined the best companies from both sectors, according to publicly announced criteria.

Among the official guests of the prestigious event were – Mr. Rosen Zhelyazkov – Chair of the National Assembly, Mr. Lazar Lazarov – Deputy Prime Minister for Social Policies and Minister of Labor and Social Policy, Mr. Boyko Atanasov – Chair of the Financial Supervision Commission (FSC), the Deputy Chairs of the FSC – Ms. Diana Yordanova and Mr. Vladimir Savov, as well as the Chair of the National Social Security Institute (NSSI) – Mr. Ivaylo Ivanov, the Chair of the Economic and Social Council (ESC) – Ms. Zornitsa Rusinova, the Chair of the Bulgarian National Audit Office – Ms. Gorica Grancharova-Kozhareva, representatives of the insurance and pension insurance sector, business, finance and academia.

“It is not only a privilege but also a pleasure for me to attend the traditional award ceremony for those who have been honored in the insurance and social insurance sector. They give society security, stability and peace of mind, regardless of the difficult times we live in and play the role of a safety net of the social system. Thank you for the professionalism of the two sectors, doing everything possible for innovations and investments to enter in the market and be pillars of calm in this dynamic time”, said Mr. Boyko Atanasov, who presented the award in the category “Insurer of the Year – Life Insurance” to “DZI–Life Insurance EAD.

Mr. Vladimir Savov, Deputy Chair of the FSC in charge of the Insurance Supervision Division, presented the “Insurer of the Year – Most Dynamically Developing Company” and “Insurance Broker of the Year – Non-life Insurance” awards. He shared that “dynamically developing companies are the ones that in the coming years will be among the recognized leaders in the respective sectors that create innovation, improve market competition, offer better solutions for their customers and ensure this dynamism in the insurance sector”.

“Insurer of the Year – Most Dynamically Developing Company” for 2022 became the Bulgarian Export Insurance Agency (BAEZ), and “Insurance Broker of the Year – Non-life Insurance” – “SDI Group” OOD.

With the words “It is an extraordinary honor for me to present this prize for another year, which we know with what efforts and how much work is achieved. Despite the turbulence in the markets, the social insurance  sector has proven that it is sustainable, capital adequate, ready to meet any challenge”, Ms. Diana Yordanova, Deputy Chair of the FSC in charge of the Social Insurance Supervision Division, presented the award in the category “Pension insurance company of the year”, for the activity of supplementary compulsory retirement insurance. PIC “Doverie” JSC became the winner in the category for 2022.

More about the winners of the 15th edition of the annual awards in the insurance sector – “Insurer of the Year”, “Pension Insurance Company of the Year”, “Insurance Broker of the Year” for 2022 could be find here.

Gallery:

Boyko Atanasov
Бойко Атанасов връчва “Застраховател на годината – животозастраховане” на “ДЗИ – Животозастраховане” ЕАД
Diana Yordanova
Диана Йорданова връчва “Пенсионноосигурително дружество на годината” на ПОК “Доверие” АД
Vladimir Savov
Владимир Савов връчва “Най-динамично развиващо се дружество” на БАЕЗ
Vladimir Savov 2
Владимир Савов връчва “Застрахователен брокер на годината – общо застраховане” на “Ес Ди Ай Груп” ООД


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