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).

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.

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).

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.

At today’s meeting of 02.11.2021, the FSC decided to initiate proceedings for the issuance of a general administrative act – Decision to determine the amount of contributions to the Guarantee Fund under Art. 554, item 1 of the IC in the Uninsured Vehicle Fund and the contribution under Art. 563, para. 2, item 3 of the IC in the Security Fund in 2022, as well as the deadlines for their implementation.

The Guarantee Fund manages two funds – the Uninsured Vehicle Fund and the Security Fund. The Uninsured Vehicle Fund pays compensation in case of damage from an unidentified motor vehicle or, if the driver is without Motor Third Party Liability Insurance, and the Insurance Fund pays claims to persons with an insolvent insurer.

At present, the contribution to the Uninsured Vehicle Fund is BGN 10.50 for each insured motor vehicle under Motor Third Party Liability and BGN 0.15 for each seat in a public transport vehicle for Public Accident Insurance for Passengers in Public Transport. The contribution to the Security Fund is BGN 2.50 for each vehicle insured for Motor Third Party Liability.

At the proposal of the Guarantee Fund Council, the contribution of insurers offering in the Republic of Bulgaria compulsory motor third party liability insurance to the Fund for Uninsured Motor Vehicles in the Guarantee Fund remains at BGN 10.50 for each insured motor vehicle. The amount of the contribution of the insurers who offer in the Republic of Bulgaria compulsory Accident insurance for the passengers in public transport under Art. 461, item 2 of the IC also does not change and remains BGN 0.15 for each seat, excluding the driver’s seat in the vehicles.

The contribution to the Security Fund also remains BGN 2.50 for each insured vehicle under the Motor Third Party Liability.

The total contribution to the GF of each insured motor vehicle under the Motor Third Party Liability remains BGN 13.00, which is distributed in the two funds in question.

Pursuant to Art. 66, para. 1 of the APC, the opening of the proceedings for issuing the general administrative act shall be announced publicly by publishing the draft act on the FSC website in the section “Public consultations”.

Pursuant to Art. 69, para. 1, item 1 of the APC, the form for participation of the interested parties in the procedure for issuing the act is “Written proposals and objections”.

Pursuant to Art. 69, para. 2 of the APC, the term for submitting the written proposals and objections is one month from the date of publication of the announcement for initiating the procedure for issuing the administrative act on the FSC website and expires on 02.12.2021 inclusive.

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).

 In connection with the amendments to the Social Insurance Code and the bylaws on its implementation, related to the payment phase from universal pension funds, the Deputy Chairperson of the FSC, head of the Social Insurance Supervision Department approved new templates of reports on the assets of the funds under Art. 23 of Ordinance No. 9 of the FSC, which the pension insurance companies submit to the FSC, as well as samples of the reports submitted by the custodian banks according to Art. 123a, para. 11 of the Social Insurance Code. Decisions for approval of the templates are available on the FSC website under the heading “Administrative documents / Decisions”, and the template reports are published under the heading “Administrative documents / Forms and templates/ Insurance market” (available only in BG version).

In the section “Administrative documents / Forms and templates/ Capital market” (available only in BG versrion) on the FSC website there is a template application for approval of a prospectus under the Public Offering of Securities Act, which should be used when submitting for approval of prospectuses for public offering of securities and / or admission of securities to trading on a regulated market or for approval of supplements to prospectuses.

Today, 27.05.2021, at its meeting the Financial Supervision Commission, with Decision No. 338-ПОД/ 27.05.2021 issued a pension license, pursuant to Art. 122 of the Social Insurance Code, of the Pension Insurance Company DallBogg: Life and Health EAD (in the process of establishment).

The pension license entitles the company to carry out supplementary pension insurance activities after obtaining permission from the Financial Supervision Commission to manage a supplementary pension insurance fund. The permit is issued for each fund separately.