The deadline for payment of the due fees collected by the FSC for general financial supervision is 31 January 2021

The Financial Supervision Commission (FSC) reminds all supervised entities that the deadline for paying in full the annual fees for general financial supervision, including for processing the mandatory current and periodic information, and for conducting inspections (annual fees) for 2021 is until 31 January of the current year.

The amount of the annual fees for general financial supervision is determined in Section II of the Tariff for fees collected by the Financial Supervision Commission – Annex to Art. 27, para. 1 of the Financial Supervision Commission Act.

Interest for delay is due on the fee not paid within the deadline according to Art. 27, para 5 of FSCA. In case of non-payment of due fees, the Commission and its bodies may refuse to provide administrative services to the supervised entity until the fulfilment of their obligation to pay the fee, together with accrued interest for delay and costs of enforcement proceedings, in cases provided for in Art. 27, para. 5 of the FSCA.

Payments may be made at the cash desk of the Financial Supervision Commission or at the following bank account with the BNB:

IBAN: BG95BNBG96613000141501

BIC: BNBGBGSD

Up-to-date information for policyholders at Certasig Insurance Company

 For the purpose of informing and transparency to the Bulgarian public on the case of Certasig-Insurance and Reinsurance Company AD, registered in Romania, and in addition to the news published on 30.12.2020 the Financial Supervision Commission informs the persons who have claims from the company that there is information related to the protection of the rights and interests of users of insurance services on the website of the Romanian Guarantee Fund for Policyholders (GFP).

 Short guidelines for policyholders and beneficiaries from abroad in relation to the Certasig case are available in English at https://www.fgaromania.ro/wp-content/uploads/2020/09/Ghid_Certasig_en_.pdf. The document contains synthesized information on the protection provided by the insurance claims guarantee scheme in the Republic of Romania, on the authorized persons and on the procedure under which claims can be made.

 Forms for claims to the Romanian Guarantee Fund for Policyholders in English are available the website https://www.fgaromania.ro/en/claimant-forms/. In view of the instructions given in the guidelines for policyholders and beneficiaries that claims against the Romanian Guarantee Fund should be made in Romanian, they are also available in Romanian on the following website: https://www.fgaromania.ro/formulare/.

 According to the published information, persons who have claims for insurance compensation in connection with insurance events or for insurance premiums corresponding to the unexpired term of insurance contracts that have been terminated prematurely can now file their claims to the Romanian Guarantee Fund for Policyholders in Romania. Claims can be filed directly in the headquarters of the Romanian Guarantee Fund, by post (registered letter with confirmation of receipt), by e-mail or in other ways that guarantee submission and confirmation of receipt.

 The Financial Supervision Commission will continue to communicate the relevant information concerning the protection of the rights and interests of the users of insurance services in connection with all subsequent measures against the insurer and its branch in the Republic of Bulgaria on its website: www.fsc.bg.

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).

Data on the maximum amount of technical interest

 Pursuant to Art. 86, para. 11 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, the Financial Supervision Commission published the maximum amount of technical interest for calculating premiums and reserves for the period from 1 January 2021 to 31 March 2021. Data on the maximum amount of technical interest can be found in the section “Markets”, “Insurance Market”, “Statistics”, “Life Insurance” (in BG version).

Annual 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 31.12.2020, on the grounds of Art. 311, para. 3, item 1, 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 31.12.2020), published on the FSC website at:

www.fsc.bg, section “Administrative documents”, subsection “Forms and templates”, “Insurance market” (in BG version).

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;
  • In view of the obligation of insurance brokers to submit information on the documented continuing professional training or development completed by individuals during the year and its results, which reporting is submitted to the commission annually by January 31 of the following year, you may fill in Appendix No. 3, which is filled in according to the attached template contained in the package of reports, 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.

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).