The Social Insurance Supervision Department of the FSC announced the preliminary results of the supplementary pension insurance activity for 2020. The information was obtained on the basis of the reports and references submitted by the pension insurance companies to the Financial Supervision Commission. The data on distribution of insured persons by sex and age as of 31.12.2020 have also been published.

 The total number of insured persons in the four types of pension funds as of 31.12.2020 is 4,819,139 people, increasing compared to 31.12.2019 by 1.18 per cent.

 In the system of the supplementary pension insurance as of 31.12.2020, BGN 17,294,294 thousand of net assets have been accumulated. Compared to the end of 2019, the net assets of pension funds increased by 10.67 percent.

 The total revenues of the pension insurance companies for 2020 amount to BGN 217,020 thousand and increased by 8.88 per cent compared to the reported revenues for 2019. The net financial result of the companies as of 31.12.2020 amounts to BGN 58,432 thousand

 Detailed information on the preliminary results of the supplementary pension insurance activity for 2020 and on the insured persons and the accumulated funds as of 31.12.2020 by sex and age are available in the section: Social Insurance activity/ Statistics / Statistics and analysis / 2020.

Mr. Petar Dzhelepov – Member of the Financial Supervision Commission (FSC) took part in the Annual Report of the Bulgarian Fintech Association for 2021, dedicated to investments in the sector and the place of our country in Europe and the world, with an address on fintech regulations in the non-banking financial sector in Bulgaria and the strategy of the regulator for monitoring the financial innovations.

In the report, Mr. Dzhelepov analyses and outlines the successful development of the fintech sector in Bulgaria, the high technological progress in the non-banking financial sector, the regulations of these important innovations and digitalisations, the Financial Innovation Monitoring Strategy for the period 2021-2024, the introduction of the Innovation hub and its subsequent development, as well as the overall future of the fintech regulations applied by the Financial Supervision Commission.

One of the main goals of the Commission is the introduction of more innovations in the insurance, investment and pension insurance sector in Bulgaria, and at the same time protecting the interests of consumers to the possible maximum.

“In order to keep up with the new digital environment and the expectations of both participants and end users, we must constantly assess and, where necessary, adjust the regulatory framework to adequately deal with the changing risks and business models.” In order to ensure and adequately evaluate new product and business models, we conduct regular surveys on how innovations work and how innovations are applied and accepted among the companies under the Commission’s control. In addition, the main goal set by the Chairman of the FSC, Boyko Atanasov is the organization and implementation of educational programs aimed at increasing the financial literacy of consumers of financial services.”- said Mr. Dzhelepov.

The Financial Supervision Commission pursues a consistent innovation policy and in response to the digital financing package adopted by the European Commission, the FSC has adopted a Financial Innovation Monitoring Strategy for the period 2021-2024. It builds on the previous strategy and outlines a long-term directions in which the FSC would be committed to developing its supervisory activities and implementing the harmonization of the national regulatory framework and practices in the field of financial innovation at EU level.

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 30.06.2021, on the grounds of Art. 311, para. 3, item 2, 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 30.06.2021), published on the FSC website at:

www.fsc.bg, section “Administrative documents”, subsection “Forms and templates”, “Insurance market”.

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;
• 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.

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 31.12.2021, on the grounds of Art. 311, para. 3, item 2, 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 31.12.2021), published on the FSC website at:

www.fsc.bg, section “Administrative documents”, subsection “Forms and templates”, “Insurance market”.

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;
• For Appendix No. 2.4, Appendix No. 2.8, Appendix No. 3.2 and Appendix No. 3.4 of the main file with basic information contained in the reference package, the Note section should indicate the country in which the insurer / reinsurer has its registered office and the territory on which the risk under the concluded insurance / reinsurance contract is located
• Appendix No. 1 shall be filled in according to the attached template contained in the reference package, the information must be in .xls format;
• The Insurance Code stipulates an obligation for insurance brokers to submit information on the ongoing professional training and development of the persons under Art. 303, para. 2 and 3 and Art. 304, para. 1 of the IC within the year. The reports shall be submitted to the Commission annually by January 31 of the following year. For this purpose, Appendix No. 3 in .xls format should be filled in, according to the attached template contained in the reference package;
• 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.

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).

At its meeting on 23.03.2021 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. 128-ИП/ 11.03.2021. According to the cited decision, the sites should have stopped offering investment services by 15.03.2021, 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 (05.04.2021) to suspend access from the territory of the Republic of Bulgaria to 8 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).

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).