In order to communicate information about the case with the Romanian insurer Certasig-Insurance and Reinsurance Company AD, whose license was revoked by the Insurance Supervision Authority of the Republic of Romania, and in addition to the already published information from 17.03.2021, the FSC notifies the creditors of Certasig – Insurance and Reinsurance Company AD that they fall within the scope of the Romanian Law 213/2015 on the Guarantee Fund for the Insured, whose purpose, according to Art. 2, para. 1, is to protect the creditors of the insurer from the consequences of its insolvency. The FSC recalls the information provided by the Insurance Supervision Authority of the Republic of Romania that any person who has an insurance claim against Certasig – Insurance and Reinsurance Company AD may submit a justified request to the Guarantee Fund of the Republic of Romania as of the date of the decision of the Insurance Supervision Authority of the Republic of Romania for revocation of the license of Certasig – Insurance and Reinsurance Company AD, but not later than 90 days from the decision to open insolvency proceedings becoming effective (15.04.2021), and in case this right has occurred after the opening of the insolvency proceedings – within 90 days from its occurrence.

 In addition, the Insurance Supervision Authority of the Republic of Romania provides information that according to Art. 75, para. 1 of Romanian Law No. 85/2014 on insolvency prevention and insolvency proceedings, as of the date of the decision to open insolvency proceedings of Certasig – Insurance and Reinsurance Company AD becoming effective (14.01.2021), all judicial and extrajudicial proceedings instituted on the basis of individual claims of its creditors, as well as proceedings for the recovery of claims against them, shall be terminated. The presentation and collection of claims against Certasig – Insurance and Reinsurance Company AD can be carried out only in the open insolvency proceedings.

 In connection with the frequent inquiries regarding the determination of the amount of pensions from universal pension funds (the so-called “second pension”) and given the high public interest in the adoption and alignment of regulations with amendments to the Social Insurance Code governing the payment of pensions from the universal pension funds, promulgated in the State Gazette, 19 / 5 March 2021, the Financial Supervision Commission (FSC) provides the following clarifications:

 The Social Insurance Code (SIC) specifies the types of pension products and the obligations of pension insurance companies in relation to their payment and guarantees. The determination of the amount of the supplementary lifelong old-age pension from the universal pension funds is regulated at the legal level and is determined on the basis of the following 3 components:

1. the funds under the individual account of the insured person

 The information on the accumulations on the individual accounts of the persons insured in the universal pension funds is kept by the pension insurance companies. The insured person has the right to receive at any time information about the current state of the accumulated funds in their individual account. Regardless of the chosen type of payment – one-off, deferred or lifelong, for determining the initial amount of the pension, all funds on the individual account of the person at the time of concluding the pension contract are taken into account.

2. the table of mortality and average life expectancy, published by the National Statistical Institute

 The table for mortality and life expectancy of the National Statistical Institute is publicly available information available on the Institute’s website and is updated according to the statistical information calendar. Using a single table of mortality and calculating the pensions from universal pension funds by single formulas ensures the same way of calculating the pensions of all persons, regardless of the fund in which they are insured.

3. technical interest rate

 When calculating the amount of pensions, a technical interest rate is used, which reflects the expectations for the return on investment of pensioners’ funds. Its specific amount is determined by each pension insurance company in compliance with the regulatory requirements.

 In this regard, the FSC adopted the Ordinance on Technical Interest Rates and Formulas for Calculating Supplementary Lifetime Pensions for Old Age and the Ordinance on Reserves of Pension Insurance Companies for Guaranteeing the Gross Amount of Contributions to Universal Pension Funds Related to Calculating the Supplementary Lifetime Pension for Old Age. As a result, pension insurance companies have the necessary information and can perform forecast calculations and consult their clients.

 With regard to the deadlines for exercising the right of persons to choose social insurance:

 Persons who, up to and including 30 June 2021, have less than 5 years until the retirement age and who have not been granted a pension for length of service and age, may, once, until 30 June 2021, exercise the right to choose to change their insurance from a universal pension fund to the state social insurance.

 From 01 January 2022, other deadlines for exercising this right apply:

 – from 1 January 2022 to 31 December 2025 – not later than 1 year before the age under Art. 68, para. 1;

 – from 1 January 2026 to 31 December 2030 – not later than 2 years before the age under Art. 68, para. 1;

 – from 1 January 2031 to 31 December 2035 – not later than 3 years before the age under Art. 68, para. 1;

 – from 1 January 2036 to 31 December 2037 – not later than 4 years before the age under Art. 68, para. 1;

 – after 1 January 2038 – not later than 5 years before the age under Art. 68, para. 1

Data on the capital market for 2020 have been uploaded on the FSC website – www.fsc.bg, section “Investment Activity”, “Statistics”, “2020”.

The Financial Supervision Commission will organize an online meeting with investment firms on the occasion of the entry into force of new legislation on prudential supervision of investment firms, established in Regulation (EU) 2019/2033 and Directive (EU) 2019/2034, and in order to facilitate the bringing of Bulgarian investment firms in line with the applicable requirements. The main aspects of the new legal framework will be presented at the meeting, as well as specific issues related to the implementation of the new framework will be discussed.

The event will take place on 28 July 2021 /Wednesday/, at 10:00 h through the Microsoft Teams platform.

You can confirm your participation by e-mail: a.boteva@fsc.bg, no later than 26 July 2021

After confirming your participation you will receive a link to the event.

The Official Journal of the European Union of 13.07.2021 published a decision of the European Commission (EC) 2021/1145 of 30.06.2021, stating that on 06.01.2021 an Annex to the Multilateral Agreement between The National Offices of the EU Member States, the National Offices of the Principality of Andorra, Bosnia and Herzegovina, the Principality of Liechtenstein, the Kingdom of Norway, the Republic of Serbia, the Swiss Confederation, the United Kingdom and the National Office of the Republic of Montenegro pursuant to Art. Article 8 (1), second subparagraph, of Directive 2009/103/EC of 16 September 2009 relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability (Directive 2009/103/EC).

In accordance with the agreement, the national offices of all Member States individually shall ensure (in accordance with the provisions of their national legislation in the field of compulsory insurance) the settlement of claims in connection with insurance events in their territory caused by such vehicles normally located on the territory of the Republic of Montenegro.

In connection with the above, the Republic of Montenegro acquires the status of an associated country to the International Agreement and pursuant to Art. 8 (2) of Directive 2009/103/EC, as of 02.08.2021, all cars registered in the Republic of Montenegro have the right to enter the territory of the EU Member States, incl. and the Republic of Bulgaria, without providing data on the available Third Party Liability Insurance and the Green Card Certificate. Therefore the border control for Third Party Liability Insurance and Green Card certificate in respect of cars from the Republic of Montenegro is waived.

The European Commission’s decision also applies to cars registered in the United Kingdom of Great Britain and Northern Ireland, as that country remains a party to the Multilateral Agreement.

Pursuant to Art. 15, para. 1 item 9 of the Financial Supervision Commission Act, in connection with § 3 of the Transitional and Final Provisions of Ordinance No. 2 of 09.11.2021 for initial and subsequent disclosure of information in public offering of securities and admission of securities to trade on a regulated market (promulgated in the State Gazette, 97/19.11.2021, effective from 01.01.2022) the Deputy Chairperson of the FSC, head of the Investment Supervision Department, approved the templates of reports to the financial statements and notifications provided for in this ordinance.

A report on commercial real estate owned by special purpose investment companies securitizing real estate has been prepared on a quarterly and annual basis on an individual basis in connection with the implementation of Recommendations C and D of the European Systemic Risk Board Recommendation of 21 March 2019. (ESRB/2019/3) (https://www.esrb.europa.eu/pub/pdf/recommendations/esrb.recommendation190819_ESRB_2019-3~6690e1fbd3.bg.pdf), which the FSC should apply.

The reports presented by insurers and reinsurers in non-life and life insurance according to Ordinance No. 53 of 23.12.2016 at the end of 2020 are summarized and published on the FSC website – www.fsc.bg, section “Insurance Activity”, “Statistics”.

Quantitative reports according to Regulation (EU) 2015/2450 under Art. 304 (1) (d) of Regulation (EU) 2015/35 as of the end of 2020 have also been summarized and published.

On 25 and 26 September 2021 were held the next exams for the right to practice as a broker of financial instruments and as an investment adviser.

On September 25, 2021, 17 people took the examination for acquiring the right to exercise activity as a broker of financial instruments, with 21 candidates admitted and 15 of them passed the examination.

Lists of persons who passed the examination for acquisition of the right to exercise activity as a broker of financial instruments:

1             Aleksandar Sergeev Ivanov

2             Valentina Velichkova Rangelova

3             Galina Stoyanova Ruseva

4             Deyan Lyubenov Ivanov

5             Zhana Kostadinova Hristova

6             Ivaylo Tomov Petrov

7             Ivaylo Tsvetanov Atanasov

8             Katya Ivanova Rangelova

9             Kristiyan Albert Andonov

10           Kristiyana Valentinova Savova

11           Rositsa Lazarinova Rancheva

12           Seniha Sebahtin Yusein

13           Teodor Getov Simeonov

14           Teodora Petrova Popovska

15           Yuliyan Yordanov Arsenov

The results of the grading and the scores are recorded in

Protocol No 1 of 8 October 2021 of the Examination Commission

appointed by the FSC Decision under Protocol No. 70 of 23 September 2021.

On September 26, 2021, 25 people took the examination for acquiring the right to exercise activity as an investment adviser, with 29 candidates admitted and 17 of them passed the examination.

Lists of persons who passed the examination for acquisition of the right to exercise activity as an investment adviser:

1             Albena Ankova Ivanova

2             Aleksandar Sergeev Ivanov

3             Atanaska Nikolova Pahuncheva

4             Velizar Zahariev Furlanski

5             Galina Stoyanova Ruseva

6             Georgi Vasilev Popover

7             Dian Hristov Dimov

8             Dobrin Plamenov Tomov

9             Iliya Dimitrov Patsev

10           Kamen Ognyanov Kanev

11           Kristiyan Albert Andonov

12           Nikolay Zhivkov

13           Nikolay Ivanov Ivanchev

14           Panayot Georgiev Poshtov

15           Tatyana Petrova Koleva

16           Teodora Galinova Antonova

17           Yaroslav Vyacheslavovich Devitsky

The results of the grading and the scores are recorded in

Protocol No 2 of 8 October 2021 of the Examination Commission,

appointed by the FSC Decision under Protocol No. 70 of 23 September 2021.

Pursuant to Art. 9, para. 3 of Ordinance No. 7 of 27.05.2021 on the procedure for acquisition, recognition and revocation of legal capacity of brokers of financial instruments and investment advisers, within 10 working days from the announcement of the results of the examination, the persons who have not passed may request the FSC to get acquainted with the results of the grading of their written work.

To the attentions of those who passed the examinations for the acquisition of the right to exercise activity as a broker of financial instruments and as an investment adviser

The certificates can be received from 18.10.2021 from the office of the FSC within the working hours from 9:00 to 17:30 after presentation of an identity document and a document for paid fee in the amount of BGN 25, according to Section I, item II, item 9, proposal two of the Tariff of Fees Collected by the FSC, which is an appendix to Art. 27, para. 1 of the Financial Supervision Commission Act.

Payment can be made at the cash desk in the FSC building or by bank transfer to the account:

IBAN: BG95 BNBG 9661 3000 1415 01,

BIC: BNBGBGSD, BNB – Central Office

On 27.11.2021 an examination was held for acquiring professional qualification of insurance brokers and for recognition of qualification acquired in a Member State under Ordinance No. 28 of 10.05.2006 of the FSC on the terms and procedure for conducting an examination for the professional qualification of insurance brokers and for the recognition of a qualification acquired in a Member State and for the registration of vocational training materials. (Ordinance No. 28 of 10.05.2006).

The admitted 7 (seven) candidates took the exam, and 3 (three) of them successfully passed.

Pursuant to Art. 10, para. 2 of Ordinance No. 28 of 10.05.2006, the Financial Supervision Commission announces the results of the examination for professional qualification of insurance brokers, held on 27.11.2021, as follows:

List of candidates who have passed the examination:

Reference number          Name    Score

РГ-14-159-1/15.10.2021               Ivan Vasilev Todorov      94 p.

РГ-14-165-1/04.11.2021               Nikoleta Stoyanova Moldovanska-Aleksieva       86 p.

РГ-14-163-1/01.11.2021               Mihail Dimitrov Daskalov             82 p.

List of candidates who have not passed the examination:

Reference number

Score

РГ-14-160-1/19.10.2021               68 p.

РГ-14-161-1/20.10.2021               66 p.

РГ-14-162-1/01.11.2021               62 p.

РГ-14-164-1/02.11.2021               56 p.

Certificates signed by the Chairman of the Financial Supervision Commission will be issued to the persons who have successfully passed the professional qualification examination.