The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from “Credendo - Short-Term EU Risks úvěrová pojišťovna, a.s.” to “Credendo - Short- Term Non - EU Risks SA”
The Financial Supervision Commission has sent notification about its consent for the partial portfolio transfer from UK P&I Club N.V to International Transport Intermediaries Insurance Company (Europe) Limited
The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from “UnipolSai Assicurazioni S.p.A.” to “Unipol Gruppo S.p.A.”
The Financial Supervision Commission (FSC) has been notified by the competent authority of Czech Republic (Czech National Bank (CNB)) of the merger from the insurance undertaking “Credendo – Short-Term EU Risks úvěrová pojišťovna, a.s.” to “Credendo – Short- Term Non – EU Risks SA”, including insurance contracts on which Bulgaria is a Member State where the risk is located. After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of Czech Republic on granting consent of the merger of “Credendo – Short-Term EU Risks úvěrová pojišťovna, a.s.” to “Credendo – Short- Term Non – EU Risks SA”
After the merger “Credendo – Short-Term EU Risks úvěrová pojišťovna, a.s.” intends to cease activities and “Credendo – Short- Term Non – EU Risks SA” will change its name to “Credendo – Trade Credit Insurance” and will continue to operate on the territory of the Republic of Bulgaria under the conditions of the freedom to provide services.
The Financial Supervision Commission (FSC) has been notified by the competent authority of the Netherlands (De Nederlandsche Bank (DNB)) of the forthcoming partial portfolio transfer from insurance undertaking UK P&I Club N.V to International Transport Intermediaries Insurance Company (Europe) Limited, including insurance contracts on which Bulgaria is a Member State where the risk is located. After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of the Netherlands on granting consent for the partial transfer of the insurance portfolio from UK P&I Club N.V to International Transport Intermediaries Insurance Company (Europe) Limited.
The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from UK P&I Club N.V to TT Club Mutual Insurance Limited
The Financial Supervision Commission (FSC) has been notified by the competent authority of the Kingdom of Netherlands (De Nederlandsche Bank (DNB)) of the forthcoming partial portfolio transfer from the insurance undertaking UK P&I Club N.V to TT Club Mutual Insurance Limited, including insurance contracts on which the Republic of Bulgaria is a Member State where the risk is located. After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of the Kingdom of Netherlands on granting consent for the transfer of the insurance portfolio from UK P&I Club N.V to TT Club Mutual Insurance Limited.
The Financial Supervision Commission (FSC) has been notified by the competent authority of the Kingdom of Denmark (Danish Financial Supervisory Authority) of the concluded on March 31st 2024 portfolio transfer from the insurance undertaking Codan Forsikring A/S to Alm. Brand Forsikring A/S, including insurance contracts on which the Republic of Bulgaria is a Member State where the risk is located.
In October 2023 Danish Financial Supervisory Authority has notified about the forthcoming portfolio transfer. After the review of the documents the FSC has already informed Commissariat aux Assurances of granting its consent for the insurance portfolio transfer.
The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from Foyer Sante S.A. to Globality S.A.
The Financial Supervision Commission (FSC) has been notified by the competent authority of the Grand Duchy of Luxembourg (Commissariat aux Assurances) of the concluded on February 20th 2024 portfolio transfer from the insurance undertaking Foyer Sante S.A. to Globality S.A., including insurance contracts on which the Republic of Bulgaria is a Member State where the risk is located.
In November 2023 Commissariat aux Assurances has notified about the forthcoming portfolio transfer. After the review of the documents the FSC has already informed Commissariat aux Assurances of granting its consent for the insurance portfolio transfer.
After the transfer Globality S.A. changes its name to Foyer Global Health S.A. and will run the portfolio of Foyer Sante S.A. which ceases its activities.
The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from Foyer Sante S.A. to Globality S.A.
The Financial Supervision Commission (FSC) has been notified by the competent authority of the Grand Duchy of Luxembourg (Commissariat aux Assurances) of the forthcoming portfolio transfer from the insurance undertaking Foyer Sante S.A. to Globality S.A., including insurance contracts on which the Republic of Bulgaria is a Member State where the risk is located. After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of the Grand Duchy of Luxembourg on granting consent for the transfer of the insurance portfolio from Foyer Sante S.A. to Globality S.A.
On November 7, Mr. Boyko Atanasov – Chair of the Financial Supervision Commission (FSC), officially opened the annual meeting of the financial and investment community in the region – Investor Finance Forum 2023 (IFF). It is organized for the 12th year in a row by the economic site “Investor.bg” (Investor.bg).
The conference traditionally brings together leaders, experts and professionals from the fields of banking, finance, FinTech, capital markets, stock exchanges and regulatory authorities. The IFF platform provides an opportunity of exchanging ideas, establishing valuable business contacts and participating in discussions regarding current challenges facing the banking and non-banking financial sector.
Бойко Атанасов
“It is my pleasure to participate in the opening of the largest event of the financial and investment community in the region, which is being held for the 12th time in a row.
The past 3 years have been marked by turbulence and cataclysms in almost all spheres of society. All of us – participants in the banking and non-banking financial sectors – FinTech, capital markets, stock exchanges and including regulators had serious topics for consideration in the direction of what is the current situation we are in, what are the challenges we are facing and which of the status quo models used are no longer fully effective. On the other hand, we had and continue to have the task of defining what is our desired situation, what is our vision and horizon for the development of the Bulgarian financial and economic environment. The task before us is to discover the necessary changes not every 2, 3 or 5 years, but every day. Because the more dynamic world we live in, the more technology we handle, the more we have the responsibility to be flexible and adaptable on a daily basis, to make transformations and track their development and impact.
Today, tomorrow, and in the future, decisions are and will be made based on high awareness of every single change in the development of the capital markets, as well as on the basis of the interaction of factors such as economic circumstances, geopolitical events and technological progress.
As I’m sure everyone in this audience knows – technology is a driving force in the design of the financial industry. Yes, it’s changing the capital markets, and artificial intelligence and developments in the IT environment have an increasing role in trading algorithms and risk management.
Technological achievements today are transforming the way capital markets function, offering both opportunities and challenges. Market participants will need to adapt to remain competitive.
I will point out the main task in front of us: technology will continue to develop at an extremely rapid pace, which is why the financial industry has a responsibility to balance innovation, security for consumers and the robust supervision necessary to maintain the integrity of the market. Here is the most important role of the Financial Supervision Commission – to ensure stability and security and support the development of business and services to consumers,” shared Mr. Atanasov with the conference participants.
Бойко Атанасов
The panelists took a macroeconomic view of the situation in Bulgaria and the world, discussed the risks of the recession and the measures to slow down inflation, as well as anticipated the likely next moves of the central banks.
The event continued with the criteria for reporting of the Bulgarian instruments for ESG practices in 2024, the financial business framework, the social aspect of sustainable investments and the transition to a zero carbon footprint. In the panel “Investment companies and ranking of investment funds in our country”, leading investors shared their personal experience, and the “FinTech” part drew attention to artificial intelligence, cyber security and open banking. The finale of the emblematic forum was dedicated to active investments.
All the topics presented were a testament to the importance of partnership, innovation and knowledge sharing in shaping the future financial ecosystem, where the Financial Supervision Commission, in its capacity as regulator of the non-banking financial sector, continues to play a multi-faceted role in creating a conducive business environment in Bulgaria.
The contractor of the project “Scale Focus” AD presented the Unified Information System (UIS) and its functionalities to more than 170 representatives of companies and associations from the non-banking financial sector, as part of the implementation of the Project “Building a Unified Information System (UIS) for the needs of the Financial Supervision Commission”, carried out with the financial support of the Operational Program “Good Governance”, co-financed by the European Union through the European Social Fund, under a Grant Agreement aid No. BG05SFOP001-1.011-0001-C01 / 23.07.2020 with the beneficiary Financial Supervision Commission.
The Secretary General of FSC – Ms. Denitsa Kirova shared with the large audience her thoughts saying that “with the implementation of UIS, the Bulgarian regulator is improving the process of serving citizens and businesses. Digital access to our administrative services saves time, integrates the activities and processes of the Commission with the systems of the European regulators. The UIS is designed to streamline regulatory and supervisory processes. It creates a sustainable and positive work environment which consolidates different data sources, automates reporting and provides a new model of communication in the non-banking financial sector.”
The digitization of the Commission is part of e-governance. It represents a constant priority in all national strategies and programs in the Republic of Bulgaria over the last decade. Digital solutions in the interest of citizens and businesses are a fundamental change in the administrative service model, as well as an opportunity for standardization, interoperability and resource sharing by institutions. It is the automated exchange of data between the information systems of different administrations and the national scheme for electronic identification which remains basic condition for effective e-governance in the country.
“Today, in a fast-paced digital world, it is of key importance to anticipate and respond to changes, in order to ensure efficiency, transparency, and above all, communication at a whole new level between the regulator and all non-banking financial sector actors. I believe that digital transformation is not just a modern term, but rather a positive challenge and a real necessity. The implementation of digital technologies in the work of the Financial Supervisory Commission is far from an ordinary modernization of our systems, but it is also a reassessment of the way we interact with citizens and businesses. By the today’s presentation of the digital FSC, we are not only declaring our firm position to work to increase the investment potential of our country, but we are building a standard, by dint of which the Commission fully stands on the map of European regulators,” said Boyko Atanasov, Chairman of the FSC.
The UIS of the FSC comprises key horizontal components of e-government by implementing the National strategy for the development of e-government in the Republic of Bulgaria 2019-2025. As consequence of its introduction, it becomes possible to review, track, control, validate and analyze the incoming and processed information. It also provides opportunity of automated data transfer, including from and to external systems at the national and international level; the electronic administrative services (EAS) provided by the FSC are being upgraded and the Commission’s registers are being improved.
UIS implements a reliable, modern and secure way of communication with EAU applicants when submitting applications, notifications, periodic information, as well as other documents. Business processes and procedures for processing, control and analysis of data and documents are automated. The regulatory and supervisory activity of the FSC is improved by consolidating information flows and processes and creating an effective mechanism for implementing risk-based control.
The UIS also aims at guaranteeing transparent, fast and secure digital supervision, which will increase the competitiveness of Bulgaria as an investment destination, as well as upgrade the achieved level of regulatory and supervisory standards.
The Financial Supervision Commission will continue to be part of the development of technologies and digitalization, as well as actively working to achieve synergy between regulatory requirements and their implementation in a digital environment.
Part of the concrete results achieved over the past years constitute the functioning Innovation Hub, which secures a single point of contact with fintech companies; the digital campaign – #INVEST SAFELY, which through the online space provides basic guidelines on how users can distinguish between legitimate and dishonest investment intermediaries; the mobile application FSC Mobile – to help users and supervised persons, using the most popular operating systems – Android and iOS, as well as UIS providing automation to all basic business processes in FSC.
More information about the project is available here (available only in bulgarian).
