The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from “MSIG Insurance Europe AG” to “MS Amlin Insurance SE”
FSC imposed a temporary ban on the provision of new and the extension of the term of existing cross-border products and services provided by ZAD DallBogg: Life and Health AD
The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from “The Standard Club Ireland DAC” to “NorthStandard EU DAC”
The European Insurance and Occupational Pensions Authority (EIOPA) is conducting a survey on the attitudes of potential European suppliers towards the supply of savings products. The aim is to collect the maximum amount of data and information available on the Pan-European Personal Pension Product (PEPP).
Regulation (EU) 2019/1238 on a pan-European personal pension product (PERP Regulation) was adopted in July 2019 and has been effective since August 2020. The publication in the Official Journal of the EU on 22.03.2021 of a Delegated Regulation (EU) 2021/473 to supplement the PEPP Regulation also sets a date of 22.03.2022 from which it will apply. With this decision, the European Commission provides an opportunity for EU citizens to save for their future retirement through a safe, transparent and high-quality pension product.
The Financial Supervision Commission (FSC) informs all interested parties that at a meeting held on 26.10.2021 a decision was made to extend the deadline for submitting applications for admission to the examination for professional qualification of an insurance broker in accordance with Ordinance No. 28 of 10.05.2006 of the FSC, which will be held on 27.11.2021
The deadline for submitting applications has been extended to 01.11.2021, inclusive.
All interested persons should submit an application for admission to the examination according to an approved template, together with the attached documents under Art. 3, para. 2 of Ordinance No. 28 of 10.05.2006, namely: police clearance certificate or other similar document certifying the circumstances under Art. 303, para. 1, item 1 of the IC; a notarized copy of a diploma of higher education obtained in the country, respectively a legalized translation of a diploma of higher education obtained in a higher school outside the Republic of Bulgaria, to certify the circumstances under Art. 303, para. 2 of the IC and a declaration of the circumstances under Art. 303, para. 1, items 2 – 4 of the IC, according to a template.
Applications can be submitted every working day at the FSC office or signed with an electronic signature at the following e-mail address: delovodstvo@fsc.bg. A fee in the amount of BGN 450.00 (four hundred and fifty) shall be paid for taking the exam, based on Section I, item VI, line 15 in connection with Section IV, item IV of the Tariff of Fees Collected by the FSC under the Financial Supervision Commission Act, to the following bank account: IBAN: BG 95 BNBG 9661 3000 1415 01, BIC of BNB -Central office: BNBGBGSD.
The application must indicate the e-mail address to which messages on the open procedure for admission to the examination will be sent.
The topics covered by the examination are published on the FSC’s website, in the section “Supervised entities”, “Qualification examinations”, “Insurance brokers examinations”, where the list of admitted candidates will be announced, as well as all other announcements related to the conduct on this exam.
The examination will be conducted in accordance with all adopted anti-epidemic measures. In connection with Order No. РД-01-856 of 19.10.2021, supplemented on 21.10.2021, of the Minister of Health (MH) and in particular with item 2 and item 31, the admitted candidates should meet the requirement to be vaccinated or have recovered from COVID-19 or have a negative test result, certified by valid documents for vaccination, recovery or testing within the meaning of Order No. РД-01-733 of 27.08.2021 of the Ministry of Health.
The Financial Supervision Commission reminds all supervised entities that the deadline for payment in full of the annual fees for general financial supervision – processing of mandatory current and periodic information and for conducting inspections for 2022, as well as the fixed part of the fee under Section II, item I, line 36 of the Tariff for fees collected by the FSC – Annex to Art. 27, para. 1 of the Financial Supervision Commission Act is until January 31 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 (FSCA).
Bear in mind that 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
For additional information regarding the due fees and interest, before making the payment, you can contact the Finance and Accounting Department at tel. 02/94 04 691, 02/94 04 646 and /or 02/94 04 695.
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:
The Financial Supervision Commission notifies all insurance intermediaries that with a decision of a meeting of the FSC held on 23.02.2021, the following have been adopted:
1. Guidelines regarding the interpretation and application of Art. 292, para. 2 and 3, Art. 304, para. 2 and 3, Art. 316, para. 1, Art. 317, para. 3 and Art. 321b, para. 2 of the Insurance Code in connection with the provision, documentation and reporting of continuing professional training and development of distributors of insurance products, which were accepted in connection with numerous inquiries received by the Insurance Supervision Department from distributors of insurance products regarding documentation and reporting of continuing professional training and development of distributors of insurance products in accordance with the Insurance Code and with a view to unifying the procedure and manner of provision, documentation and reporting of continuing training.
2. Guidelines regarding the interpretation and application of Art. 290, para. 2 and 3 of the Insurance Code in relation to the handling of complaints from users of insurance services by insurance intermediaries, in accordance with the Guidelines on complaints handling by insurance intermediaries (EIOPA-BoS-13/164 EN) issued by the European Insurance and Occupational Pensions Authority (EIOPA). The Financial Supervision Commission (FSC) has adopted a decision of 14.07.2014 that it intends to comply with the above guidelines. At the time of the decision, the repealed Insurance Code does not contain provisions that would allow the FSC to take action to implement the guidelines. The current IC contains the provision of Art. 290, which regulates complaints handling by insurance intermediaries. This provision contains general regulations, and the provision of Art. 9, para. 4 of the IC allows the FSC to adopt guidelines in connection with the application of the requirements of the EIOPA guidelines.
3. Practice regarding the establishment of facts and circumstances during on-site inspections of insurance intermediaries, adopted in view of the need to disclose the checklists used by the FSC to establish circumstances during on-site inspections of intermediaries; these lists will be publicly available to the supervised entities – insurance brokers, insurance agents and intermediaries offering insurance products as an ancillary activity.
The Higher School of Insurance and Finance (VUZF) and the Laboratory for Scientific and Applied Research VUZF Lab, together with the Bulgarian Stock Exchange (BSE), organized a round table on “The Green Deal and the Future of Investment and Banking”.
Mr. Boyko Atanasov, Chairman of the Financial Supervision Commission, opened the event. He personally congratulated the organizers and Assoc. Prof. Dr. Grigory Vazov, Rector of the VUZF, for initiating the professional and expert debate, which aims to discuss aspects and expected effects of the Green Deal with the banking and investment community in Bulgaria.
Mr. Atanasov said that “The Green Deal is a huge opportunity for our country, because it can be the catalyst we need to achieve accelerated economic growth and increase the economic level of business and important economic and social processes”. He also noted that on the one hand through the European Green Pact and through the Investment Plan for Sustainable Europe Bulgaria will receive large investments, and on the other hand, the Green Deal will provide stability and sustainability of processes in terms of competitiveness in Europe and nationwide, which will affect energy efficiency. It is through the Green Pact Investment Plan that a framework will be created to facilitate and stimulate public and private investment in the transition to an independent, environmentally friendly and competitive economy.
The FSC Chairman pointed out that “against the background of the turbulent times we live in – times of pandemics, economic crises and inflation, the financial community must be predictable and prepared for the challenges ahead and which we will face tomorrow.”
Mr. Boyko Atanasov also sent a strong message to the participants in the debate that discussion and sharing of various expert points of view will outline the vision, strategies and specific goals for the future of the financial sector as a result of the Green Deal.
The Deputy Chairpersons of the FSC, heads of the Investment Supervision Department and the Insurance Supervision Department, were also special guests at the event. They joined the discussion with the representatives of the investment community on the challenges arising from the implementation of the new regulatory framework related to sustainable finance and the opportunities for creating and offering new financial products. Both Ms. Filipova and Mr. Savov noted that the direction of work is to further the awareness of market participants and investors so that they can review opportunities for sustainable investment. For this reason, the roles of issuers, including insurers in the process of transition to sustainable investment, as well as investment firms and management companies, which will provide the necessary information to their current and potential clients about the prospect of sustainable finance, are particularly important.
The representatives of the FSC expressed confidence that the joint efforts of business and the regulator will achieve the necessary balance between business activities, environmental protection and social aspects to ensure lasting added value for Bulgarian society.
Mr. Boyko Atanasov, Chairman of the Financial Supervision Commission, gave an interview for the newspaper “24 Hours” “I sincerely call for focusing on the very important and stable elements of the FSC’s work over the years,” said Mr. Atanasov, emphasizing the results achieved in the non-banking financial sector – the stability of the pension insurance market, innovation in the insurance market, transparency of the capital market.
The Commission’s main function in the capital sector is to supervise participants and ensure investor security. Mr. Atanasov emphasized that every potential investor must first check the FSC’s website to find out whether the person to whom he will entrust the management of his funds is licensed by the Financial Supervision Commission.
The FSC Chairman stressed that the insurance sector is going through the crisis smoothly and successfully, given the spread of the pandemic and the increased risks in the financial markets.
Regarding the pension insurance market, Mr. Boyko Atanasov shared that “the investment portfolios of the pension funds are well structured and highly diversified. They also have adequate reserves to guarantee the payment of lifelong pensions.”
Mr. Atanasov noted that the FSC coordinated the overall process of preparing and coordinating the National Plan for the introduction of the euro in the non-banking financial sector.
For the purpose of information and transparency to the Bulgarian public on the case with Certasig-Insurance and Reinsurance Company AD, whose license was revoked by the Insurance Supervision Authority in the Republic of Romania, and in addition to the information already published on the FSC website dated 19.01.2021, the Chairman of the Financial Supervision Commission Boyko Atanasov presented a communication campaign informing the persons who have insurance claims to the company that with a Decision of 14.01.2021 of the Court of Appeal in in Bucharest, the decision to initiate proceedings on the insolvency of Certasig – Insurance and Reinsurance Company AD has been confirmed and has become effective as of 14.01.2021.
According to the information available to the FSC, in accordance with the applicable legislation of the Republic of Romania, insurance contracts concluded with Certasig – Insurance and Reinsurance Company AD continue to be valid after the date of revocation of the company’s license up to 90 days after the court decision for initiating insolvency proceedings becoming effective (15.04.2021) or until one of the following dates – the date of expiration of the contract or the date of its termination by the policyholder through a unilateral notification addressed to the insurance company.
The 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 file their claims to the Romanian Guarantee Fund for Policyholders in Romania.
Any person who has an insurance claim against the company may submit a justified request to the Guarantee Fund of the Republic of Romania (address: 24 Popa Petre Street, sector 2, Bucharest, e-mail: office@fgaromania.ro and phone: 004.021.211.60.37, 004.021.211.60.73, fax: 004.021.211.60.94. ), as of the date of the decision of the Financial Supervision Authority of the Republic of Romania to revoke the license of Certasig – Insurance and Reinsurance Company AD, but not later than 90 days from the date of the decision becoming effective – 15.04.2021 and in case this right has arisen after the opening of the insolvency proceedings – within 90 days from its occurrence. Claims can be filed directly in the headquarters of the Romanian Guarantee Fund, by post, by e-mail or in other ways that guarantee submission and confirmation of receipt.
In adherence to the commitment of awareness and transparency made by Mr. Boyko Atanasov, Chairman of the FSC, 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.
On October 21, Mr. Boyko Atanasov – Chair of the Financial Supervision Commission (FSC) opened the 20th edition of the educational program for students “The non-banking financial sector in Bulgaria”. The traditional initiative is organized in partnership with the Ministry of Education and Science (MES) and the Atanas Burov Foundation. In the anniversary edition of the event, 22 students from vocational schools with an economic and financial profile from the cities of Blagoevgrad, Gorna Oryahovitsa, Varna, Kyustendil, Plovdiv, Sofia, Burgas, Stara Zagora, Veliko Tarnovo, Shumen, Gotse Delchev, Sliven, Smolyan will take part. , Montana, Silistra, Petrich, Kardzhali, Ruse, Varna, Yambol and Dryanovo.
The educational program is unique in Bulgaria. In its anniversary edition, it presents a balanced content between online-based presentations and virtual interactions, dedicated to the pension insurance, insurance and capital market, with speakers – FSC experts and business representatives.
“I am honored to launch the 20th anniversary edition of the program, the focus of which is to increase the financial literacy of society. The sustainability of the program, its 20-year history, speaks of consistency, of commitment and, above all, of our responsibility to the generation that grows and is educated in the challenging environment of digitization and innovation.” shared Mr. Atanasov.
During the training, students and their teachers will learn about the three-pillar model of pension insurance, the development of the insurance market in Bulgaria, the mechanisms for consumer protection, the types of insurance and insurance supervision. The capital market and stock exchange trading are also part of the program during which the topic of the digital field of safe investing is presented, as well as the ways in which investors are protected.
To make the content even richer and more comprehensive, in sync with the latest trends in the non-banking financial sector, in 2022, lectures on fintech business models, prevention of money laundering and terrorist financing, the “green deal”, cyber security and cryptocurrencies and more.
“I believe that the shared experience of the experts with whom you will work will help you to be more responsible for your finances, to be drivers of change, but above all with the awareness of financial culture, to have the confidence and courage to pursue your dreams you are.” said Mr. Boyko Atanasov in his address to the participants.
The program continues until the middle of November, when all students will receive a certificate for their participation in the educational initiative.
In order to improve the services offered by the FSC, the communication equipment is to be replaced.
In this regard, on 03.06. (Thursday), in the time range between 13:00 and 16:00, temporary interruptions are expected in the Commission’s online systems.
We apologize in advance for the inconvenience caused, and in the meantime our Information Centre is available on 0800 40 444 (toll-free number for all operators).
