The Financial Supervision Commission is a firm, unbiased and independent regulatory body

Mr. Boyko Atanasov has a master’s degree in “Planning and prognosis of the economic systems” awarded by the University of National and World Economy, as well as a rash of specializations in the economic sphere made both in Bulgaria and abroad. Owing to his over twenty years of experience gained in the National Revenue Agency, which is a specialized state body under the Ministry of Finance, Mr. Atanasov is one of the top experts in the taxation area. After having occupied various expert and management positions in the income tax administration he was nominated for and acted as managing director of the National Revenue Agency over a four-year period.

The professional career of Mr. Boyko Atanasov passed through the post of deputy minister in the Ministry of Finance responsible in charge of the department of state taxes and customs. In 2017 he has been designated Vice-Chair of the Financial Supervision Commission responsible for the “Investment Activity Supervision” Department, and in 2019 the Bulgarian National Assembly entrusted him with the position of Chair of the Financial Supervision Commission.

Mr. Atanasov, when we roll the film tape back, how and why did you make you decision to focus on the economy, in particular on the income tax administration?

In my view, the economy is one of the most promising professions, and at the same time, it is an occupation, which provides many opportunities for personal development. I feel confident in the economy because I am talented in mathematics, reasoning, detecting causalities and making analysis. All of them are at the basis of the economic processes. As regards the income tax administration, my decision was well-pondered. After graduating the University of National and World Economy, I seized the opportunity to candidate for a job position together with other candidates, taking into account that such a huge institution provided good prospects for development. From my point of view, it was a professional choice for a forthcoming quarter of the century.

Which are the most difficult and the most exciting challenges, which you have ever bumped into during your career?

At the beginning of my 20-year career as income tax administration officer, I first started from the lowest degree acting as tax inspector. Afterwards, I gradually passed through over eight positions of the hierarchy for a sixteen-year period, until I was appointed managing director for the period 2013–2017 having at command more than eight thousand officers, who were responsible for the taxes and social insurances administering in Bulgaria. I gained invaluable experience, which allowed me to recognize in detail all activities performed by the tax administration, such as serving citizens, collecting revenues and exercising control. The knowledge of these processes predetermined my perception of the things functioning or not, thus which of them had to be improved. I was convinced that there was a necessity of change, so it pertained to my career path and responsibility.

Actually, my greatest challenge consisted in the resistance on the part of the system to the integration of the new ideas, which meant that the officers had to leave their comfort zone. Day after day, month after month, I pursued my goal to persuade, to provoke, to find the right people who act as process engine, so that we make the change together.

There were three main challenges, which my team and I met, but I think that we successfully overcame them. The first of them concerned the digitalization process. In 2016, the National Revenue Agency became a body offering the highest percentage of electronic services in Bulgaria.

The second one of them concerned control functions, insofar at that time we built the information control system up, through which revisions are random distributed and assigned to the respective officers. We minimized in this manner the opportunities for corrupt practices and boost the confidence in the authority.

In the third place, we improved the main activity of the income tax administration, which is focused on collecting taxes and social insurances. We enhanced the collectability through provoking consciousness of the National Revenue Agency clients suggesting them that it pertains to their responsibility, so in 2016 we achieved over 85% voluntary payments of declared liabilities. It was for me an actual change in the way of thinking of our society, to which we came up after several years of collection and sustainability of best practices.

THE CONFIDENCE AND PERSONAL OBLIGATION TO CONTRIBUTE TO THE SOCIETY ARE OF MAIN IMPORTANCE

How did you succeed to convert the National Revenue Agency into a functioning body, which effectively collects its revenues and offers up-to-date electronic services to consumers and business?

A new manager usually pays attention to transformation. I always focused upon the sustainability of processes, which had become already effective. I was acquainted with them because I knew the way each of them had been functioning in the structure of the National Revenue Agency.  

The second aspect of my conception scheduled an analysis and integration of the worldwide best practices. In a four-year period, we invited strategic directors and officers of the most effective revenue administrations worldwide, such as the English, the Dutch and the Swiss one, to take part in several practical workshops. We were taught by them how plans should be effectively carried out, so that it aided the National Revenue Agency in rebuilding a more effective organization.

The third aspect of my conception concerned the leadership skills among the managers in the National Revenue Agency. Over a several year period, our leading managers had been attending individual coaching meetings, after which they became single staff instructors. I believe that this circumstance predominantly contributed to the change of handling and the behavior toward citizens. The Agency activities became visible through the quotidian and clear communication with people, so that we succeeded in reducing the administrative burden for the business. In my opinion, the slogan of the National Revenue Agency “Responsible today, safe tomorrow” symbolizes until nowadays the positive outcomes, teamwork and transparency in the Agency activity. In my view, the most significant event was the joint survey conducted in 2016 by both the Bulgarian Industrial Association and Gallup International Center for Public and Political Studies, which highlighted the National Revenue Agency as the leading Bulgarian authority enjoying the highest degree of citizens’ trust, namely over 50%.

Which leadership skills are necessary to become a top-level manager and to lead great teams?

In my opinion, each leader should be able to take on responsibility, to create a personal vision on development, in order to evaluate and integrate best practices after having analyzed and examined their impact on every single element of the system. However, mostly he/she should be able to communicate with his/her staff, with citizens, with clients and with each service consumer who raises a question or makes a good proposal. My main values consist of confidence and personal engagement to contribute to the development of the society. If you provide your confidence, you will enjoy the trust of the others. Thus, teach your officers so well, that they always have the option to leave and go on, but let your behavior toward them be so good, that they never make use of this option. Being executive manager or commission’s chair means to have a vocation for serving, contributing to a cause and developing it further.

“To stimulate creativity means to provoke the cogitation of your team because it is source of business ideas.”

What did you succeed to change and to improve in the activity of the FSC?

In reference to the digitalization, we developed and stand at the beginning of the exploitation process of the Unified Information System. It serves both the Commission and the supervised persons. The whole communication process will be carried out via electronic means, inclusively that with other bodies. It concerned an obligation of mine whose performance marked one more step, which we made to an improved operative communication between the authorities and the supervised persons. In consequence of this, the FSC is going to provide prompt and quality services when performing its regulatory activity and will secure transparency, as well. In this regard, we introduced a mobile application and a new website, which we shall further develop.

We established the FSC as a firm, unbiased and independent regulatory body whose positions in the society are well-founded, especially as regards the activity areas of its three divisions, each of them responsible for respective area in the non-banking financial sector. We also improved our external communication, so that currently we provide accurate information in due time, since we have to be an accessible authority, which is capable of conducting dialogue in order to be adequate and business-oriented. We brought into action new effective measures and mechanisms for establishing a foreseeable regulatory activity and preventive control. Furthermore, we strengthened the risk-based supervision, as well as the coordinated supervision, in case where other bodies take part in its performance. We also succeeded in achieving the point at which Bulgarian insurers maintain adequate level of their reserves, whereat they fulfil the requirements on insolvency set in the Insurance Code. We control pension funds’ investment portfolios in a manner allowing their proper structuring and strong diversification. At the time, they have adequate reserves at their disposal, which ensure them payout of lifetime pensions. I believe that FSC maintains an extremely adequate position in reference to crisis cases and acts in best coordination with the international bodies.

In your opinion, which role in the future will play new technologies in the financial markets development?

The technologies function as both catalyst and momentum, as regards the financial industry design. They change financial markets, while the artificial intelligence and the development of IT environment assume more and more significant role in the trading algorithms and the risk management. In the financial area, they signify our contemporary and future status. Thus, I would like to point out our main task. Technologies will continue to develop at extremely spanking pace, therefore the financial services industry is in charge of balancing between innovations, consumer security and stable supervision, which is necessary to protect market integrity. Therein lies the most important role played by the Financial Supervision Commission – guaranteeing stability and safety and supporting business development and consumer services.

“THE POWER IS A TOOL FOR STATE AND INSTITUTIONS DEVELOPMENT. IT IS MOTIVATION TO ACHIEVE RESULTS, BUT NOT AN END IN ITSELF”

Mr. Atanasov, as regards both your personality and profession, do you have a role model which you are following, i.e. is there any person you were taught by, or whose achievements you had been admiring?

Sure. I was taught by my parents. The parental pattern serves as a signpost on our way, which we have to consider. I also learn from people which I have chosen to share my life with, namely from my family and my friends. It is sensible when you can everyday learn something new and upgrade, instead of making for yourself idols!

How do you take a rest after the strained daily routine? Do you practice any sports? Do you have any hobbies?

 The more dynamic the day, the calmer should be the time we dedicate to ourselves. In my view, the time out of the office should be spent for rest and recreation, walks in the nature, good food tasting, meeting friends etc. Nowadays, more than ever, we could combine many pleasant occupations like recreation through watching a nice movie, a walk with an audio book, going on a journey, spending time with friends etc. I do adore the communication with my children. They are curious and cosmopolitan, pose many questions and so you see how they upgrade their knowledge.

Which are your favorite destinations for spending pleasant holidays or for a weekend trip?

In my opinion, trips give you the opportunity to discover new horizons, to get away from your daily routine, to focus on the bigger picture, and sometimes to think about issues, which I never succeed to enclose in my structured timetable. The place which usually boosts my energy, especially in winter, are the Rhodope mountains. The village of Gela is a marvelous start point for walks or for more ambitious mountain hikes. In the summer time, it is turn of other two mountains – Strandzha and Sakar where I usually spend at least a weekend in each of them. I like to travel about Bulgaria and Greece. We have marvelous mountains and gorgeous beaches. Our most important mission of parents is to reveal the beauty of Bulgaria to our children, so that they grow up cultivating their love for the homeland.

Would you tell us anything more about your family! How do you intend to spend Christmas and New Year holidays?

I have a great and warm-hearted family. As you know, holidays are the time for family traditions and much calmness in your home’s ambience. My parents are wonderful persons, my children are curious, so the time spent with them is invaluable. I believe that the forthcoming holidays will be time for tranquility, shared emotions and repose.

What would you wish for yourself and all Bulgarians for the upcoming New Year 2024?

I wish for ourselves to believe more strongly that tomorrow Bulgaria will become a better place to live in. Moreover, to be responsible today, to build up, to create, to support new ideas, to provoke peoples’ development, as well as the one of the business and the state. But first of all, I wish for myself to give more opportunities to people who need them, so that more innovative ideas, new trends and life security in Bulgaria come into being.

The Financial Supervision Commission (FSC) pursues a consistent policy to protect the interests of consumers of financial services and prevent the performance of investment activities and services by unlicensed entities.

 Mr. Boyko Atanasov, Chairman of the FSC, indicated to the public that a significant number of complaints have been received from Bulgarian citizens who claim to have lost money as a result of fraud by companies named Grand Spot Market EOOD, Post Grand Research EOOD (formerly Grand Research EOOD), Grand Eastern Market EOOD, Market Progress EOOD, Mini-Market 1920 EOOD, Super-Market 2020 EOOD, Global Strategy EAD, Post Fin Engineering Income EOOD (formerly Fin Engineering Inc EOOD) and Verginia FinCorp EOOD. The Commission warns consumers and the public that these companies do not have a license issued by the FSC for the provision of investment services and / or investment activities within the meaning of Art. 6 of the Markets in Financial Instruments Act (MFIA). Therefore these companies are not entitled to carry out such activities on the territory of the Republic of Bulgaria, as well as to receive funds in their bank accounts in order to invest them in financial instruments. At present, the following websites have been established, which are connected with Grand Spot Market EOOD and Grand Eastern Market EOOD: https://grandspotmarket.com, https://grandeasternmarket.com.

 The provision of investment services and the performance of investment activities may be carried out only by a joint stock company or a limited liability company with registered office and address of management in the Republic of Bulgaria, which has a license to operate as an investment firm under the terms and conditions of the MFIA. In this context, on the territory of the Republic of Bulgaria investment services can be provided only by:

–              investment intermediaries licensed by the FSC;

–              investment intermediaries – banks licensed by the BNB;

–              investment intermediaries licensed by the competent authorities of other Member States of the European Union and providing investment services on the territory of the Republic of Bulgaria in accordance with the law (Chapter 4, Section II of the MFIA);

–              investment intermediaries from a third country, providing investment services on the territory of the Republic of Bulgaria in accordance with the law (Chapter 4, Section III of the MFIA)

 The FSC draws the attention of potential investors to the fact that before transferring funds for trading in financial instruments, they should always check on the FSC website whether the person on whose account they intend to make the transfer has the right to provide investment services and / or perform investment activities. As an indication that the potential investor is the subject of fraud is the fact that the name of the company specified in the contract as an investment firm, which in some cases may be identical to a licensed one, differs from the name of the company on whose account the funds should be transferred. Aggressive commercial practices, such as persistent and unsolicited commercial communications to potential investors by telephone and e-mail, are often used.

 Licensed investment intermediaries can be verified on the FSC website – http://www.fsc.bg  and / or on the websites of the competent authorities of the European Union, as well as on the website of the European Securities and Markets Authority (ESMA) – https://www.esma.europa.eu/. The FSC website also has a list of investment intermediaries that have notified the Financial Supervision Commission of their intention to provide financial services in the territory of the Republic of Bulgaria. Trading through an intermediary that does not appear on these lists means that said intermediary operates illegally without meeting the necessary regulatory and supervisory requirements, which in turn leads to a lack of security for the funds invested.

 In view of international awareness, Mr. Boyko Atanasov stressed that information about companies and platforms for which negative information is available can be found on the websites of:

– ESMA- https://www.esma.europa.eu/investor-corner/warning-and-publications-investors/;

– International Organization of Securities Commission (IOSCO) – – www.iosco.org/investor_protection/?subsection=investor_alerts_portal.

The Financial Supervision Commission of the Republic of Bulgaria warns all potential investors that Infinitrade, operating through the website www.infinitrade.com, does not have a license for an investment firm and is not entitled to carry out investment activities.

The Financial Supervision Commission (FSC) of the Republic of Bulgaria warns all potential investors that Infinitrade, operating through the website www.infinitrade.com and the companies A&I Products EOOD and A&I Products EOOD do not have a license issued by the FSC or by a competent authority of another Member State to act as an investment firm and are not entitled to provide investment services and / or to carry out investment activities. The listed companies are not entitled to receive money from individuals for the purpose of investing them in financial instruments.

The FSC draws the attention of potential investors to the fact that before transferring funds for trading in financial instruments, they should always check on the FSC website whether the person on whose account they intend to make the transfer has the right to provide investment services and / or perform investment activities.

An up-to-date list of companies that do not have a license to operate as an investment firm or management company in the territory of the Republic of Bulgaria is available here.

Information on companies and platforms for which information is available that they are not licensed can also be found on the websites of:

 ESMA – https://www.esma.europa.eu/investor-corner/warning-and-publications-investors/;

 International Organization of Securities Commission (IOSCO) – www.iosco.org/investor_protection/?subsection=investor_alerts_portal.

Mr. Vladimir Savov, Deputy Chairperson of the Financial Supervision Commission, Head of the Insurance Supervision Department, participated in an international conference on “Risk-based insurance supervision – the way forward in the post-pandemic world”, organized by the Croatian Financial Services Supervisory Agency (HANFA). The event brought together representatives of regulatory authorities from Central and Eastern Europe, who discussed insurance risks and prospects in the post-pandemic environment.

In his presentation, Mr. Savov drew attention to the major challenges in supervising the market behaviour of insurers and insurance intermediaries, the growing digitalization of the insurance sector following the Covid-19 pandemic, and shared the experience in supervising the insurance sector by the Financial Supervision Commission in Bulgaria.

He told the conference that “Despite the unprecedented global situation caused by Covid-19, the insurance market must find a balance between protecting consumer interests on the one hand and maintaining financial stability on the other.” Mr. Vladimir Savov also pointed out the advantage of digitalization in the insurance sector, noting that insurers have responded adequately to the pandemic and have imposed various workable solutions to facilitate insurance service users. He concluded that regulators must also adapt to the constraints and risks posed by the Covid-19 pandemic, adapt their supervisory practices to dynamically changing conditions, identify the effects on supervised entities ahead of time, and use technological solutions and develop their capacity to be able to make timely and effective decisions.

The Deputy Chairperson of the Financial Supervision Commission, Head of the Insurance Supervision Department, took part in the program Money.bg on Bulgaria On Air TV. In the interview, Vladimir Savov noted that there are positive trends in both non-life and life insurance. In his opinion, insurers have quickly managed to adapt their activities to the restrictions imposed by the pandemic. “Digitalization in insurance is something that will continue to develop in the future,” said Mr. Savov.

“The challenges posed by the pandemic to the insurance, supervisory and regulatory sectors have served as a catalyst for processes that have evolved over time but had not been considered a priority,” said the Deputy Chairperson of the Financial Supervision Commission, Head of the Insurance Supervision Department – Vladimir Savov, at the special event of the Tech21 series.

Vladimir Savov also said that in the first and most acute months of the Covid-19 pandemic, the high degree of digitalization is what is observed in the insurance sector and he believes that the process will continue and develop faster. He added that for the Financial Supervision Commission, as a regulator, the priorities that remain foremost are: to protect consumer rights as well as the financial stability of the insurance sector.

In conclusion, Mr. Savov drew attention to the risks that digitalization entails, such as cybersecurity, protection of personal data, non-disclosure of sensitive information, as well as possible digitalization of insurance supervision.

Bulgarian regulators in the field of insurance services, prominent insurers, as well as representatives of the technology sector met at the business breakfast “The Next Frontier for Insurance”, organized by Software Group – a global technology partner of financial institutions in the field of digitalization and supported by Microsoft and PwC.

Kalin Radev, Executive Director of Software Group, welcomed the guests with the words: “This event aims to connect insurance leaders from Bulgaria and the region, to be a platform for discussing challenges and successes in the field of digitalization, as well as to encourage the initiation of regulatory changes supporting innovation and cross-border cooperation.”

In his address, Vladimir Savov, Deputy Chairperson of the Financial Supervision Commission (FSC), Head of the Insurance Supervision Department, pointed out several key points for the FSC in its role as a regulator, namely:

balance between protection of service consumers and financial stability of the sector;

a balance between premiums optimally reflecting the risks they cover while keeping products accessible;

balance between financial innovation, business continuity and consumer protection.

The subsequent discussion on “Maintaining the balance of regulations and digitalization”, moderated by Kalin Radev, together with Vladimir Savov was attended by Maksim Kolev, Chairperson of the Board and Executive Director of the Guarantee Fund, and Konstantin Velev, Chairperson of the Association of Bulgarian Insurers (ABI).

Changes in the regulatory landscape of insurance in Bulgaria

“In the last 18 months, we have witnessed the efforts of the insurance sector to intensify digitalization and provide remote services in the direction of increasing online sales, claim settlement and new products. Thanks to this, the sector managed to get through the crisis. As a regulator, we monitor the protection of consumers of non-banking financial services and the financial stability of insurers, on the other hand we want to promote business and technology development, remain receptive and open to dialogue with business and technology suppliers.” – commented Mr. Savov.

Some of the forthcoming regulatory changes include the already adopted Ordinance No. 71 on the governance systems of insurers, further development of the Solvency II regime, introduction in 2023 of IFRS 17 for insurance contracts. The FSC is also working on an ordinance and methodology for determining the amount of compensation for non-pecuniary damage in connection with the compulsory motor third party liability insurance, which is extremely important. The ordinance on the bonus-malus system, which will be related to additional IT solutions, is also expected to be finalized.

Change in the needs and expectations of insurers regarding regulations

Konstantin Velev, ABI, commented that in the current situation finding this balance is not easy for insurers, as customer expectations and attitudes have changed, accelerated by the pandemic, and the market is looking for digital solutions for automation and optimization.

With regard to digitalization, regulation can be divided into two levels: on the first level are the basic rules according to which the business is done – the contract with the client and servicing the contract, on the second level are the requirements for information systems, cloud services, etc.

“The first regulation is the one where it is difficult to find the balance, because our legislation has chosen a conservative solution – the written form of insurance contract, which begins with pre-contractual communication, conclusion of the contract, payment, termination of policy, claim registration, written correspondence with the client, etc .. The regulatory framework is narrower in the new pandemic environment.” – shared Mr. Velev – “The other type of regulation is subsequent and accordingly we follow the European framework.”

Observed trends and the role of the Guarantee Fund

The Guarantee Fund always accompanies the business and the guidelines of the regulator and all the upcoming changes are with the active participation of the fund, said Maksim Kolev. European trends show that in the portfolios of Western insurance companies online sales are no more than 5%. Digitalization is also happening in other directions – robotization of the policy issuance process, automation of payment, accounting services and more.

“We need to think about digitalization beyond online sales along with optimizing processes and relationships between institutions. Then we would achieve better synergy.” – shared Mr. Kolev.

Digital identity and electronic signature – expectations and forecasts

The working options are a physical signature or a qualified electronic signature, but very few people have one. There is already case law where hybrid contracts are not considered invalid. The FSC is considering adopting changes to the regulations so that they have a legal basis.

Cloud certificates are one of the approaches, as the range of products is extremely wide, as well as the risks that are covered. There may be a differentiated approach when concluding contracts and in the processing procedures. Where the written form is excessive, its mandatory nature should be removed.

Regarding the green cards, the Guarantee Fund is a participant in the transition from green to black and white certificate, which already exists in the 27 EU countries. In non-EU countries, where digitalisation is slower, a paper certificate is valid, which is probably a compromise. The paper certificate will be valid until these countries are digitalized.

What lies ahead for insurers in digital and technological terms?

According to the insurers present, there is room for improvement in the speed of processes and data exchange, it is important to introduce electronic application and identification.

The insurance sector can learn from the banking sector, as banks were the first to go through the process of digital transformation and skilfully integrated the changing needs of consumers.

Insurance companies also report that they do not have sufficient resources for innovation, as the industry is heavily regulated and regulatory software budgets are severe.

The changes related to IFRS 17 will also require changes in the accounting systems of insurers – a serious process comparable to the introduction of the Solvency II Directive.

The digital transformation in Southeast Europe

Representatives of Microsoft and PwC discussed technological innovations in the region in the light of changes in actuarial work, the introduction of machine learning in various areas of non-life insurance, as well as the focus on the digital customer experience.

Microsoft is emphasizing the fact that more and more sensors are entering the world of insurance, and data management is becoming a challenge that world leaders like Microsoft are trying to solve.

Regarding the transformation of the existing “core” systems of insurers, PwC commented that the new technologies create a competitive advantage as they connect existing backend systems with a modern frontend and allow for optimization of existing systems of insurers.

In conclusion, insurers are convinced that regardless of the level and pace of digitalization, the human factor remains key and the future is phigital – a mix of physical and digital space that provides the perfect customer experience.

Once more “Capital” brought together the financial technology community at the traditional FinTech Summit.

Fintech entrepreneurs and innovators, visionaries, bankers, financial experts, representatives of companies from the country and abroad, as well as the central government and regulators discussed the future of the fintech sector, and how the global economic crises caused by COVID in 2020 turned out to be a stimulus for the development of financial technology.

“Technological advances offer the insurance industry tremendous opportunities to meet growing customer needs and regulatory requirements. More and more, maintaining competitiveness will mean that insurers have to keep up with the latest developments in insurtech, so that companies can ensure that they take advantage of the best possible technological solutions,” said Vladimir Savov – Deputy Chairperson of the FSC, Head of the Insurance Supervision Department in his opening speech at the Innovation in the Insurance Sector panel. He added that he “believes that we, as an insurance regulatory and supervisory body, need to address the following challenges in the near future:

• We need to understand how innovation works and is implemented to ensure an adequate assessment of new product and business models.
• We will also need to balance the risks of innovation with the benefits for policyholders and the insurance sector as a whole, and consider how to create the right environment to foster innovation. In other words, we need to find a balance between fostering innovation and protection against the negative aspects of any potential customer and business disruptions.
• We will need to assess and, where appropriate, adjust the regulatory framework, especially on the part of market behaviour, in order to adequately deal with changing risks and business models.
• We will need to organize the appropriate capacity – technical resources, knowledge and skills – to be able to respond to and monitor FinTech solutions in the future.

In conclusion, Mr. Vladimir Savov assured the conference participants that “The Financial Supervision Commission is fully committed to its strategic goals, namely to protect consumers of financial services, maintain the stability of the non-banking financial sector and promote business development. We will strive to apply the same principles in building and maintaining an adequate understanding of financial innovation. In this way, we intend to strengthen cooperation with stakeholders, first and foremost with the insurance sector.”

“The implementation of the Solvency II Regulation is expected in the short term to result in the release of up to € 90 billion in capital / financial resources that EU insurers can use to help recover from the current global crisis.” This was said by Mr. Vladimir Savov – Deputy Chairperson of the Financial Supervision Commission, Head of the Insurance Supervision Department in a special interview for dir.bg.

Mr. Savov added that “Those up to € 90 billion would be released in the short term, provided that the full combination of EC options is implemented in their current form. With the introduction of the changes over the next few years, these funds are expected to decline, including due to changes in market conditions.”

Among the other topics that the Deputy Chairperson of the FSC commented on is the accelerated digitalization of the insurance market caused by the pandemic, and his opinion, based on the latest available data in the FSC, is that in the last year the COVID-19 related risk is relatively limited in the insurance sector. The market is in relatively good financial condition and is prepared to meet a possible next wave.

The Deputy Chairperson, Head of the Investment Supervision Department, approved an updated template of Report No. 7 Management Company – Portfolio, part of the templates of reports to the financial statements of management companies, determined by Decision No. 1522 – КИС of 08.12.2017. The current templates of reports are available on the website of the Financial Supervision Commission, section “Administrative documents”, “Forms and samples”, “Investment activity”.