Final draft of the Insurance Code adopted

The Commission adopted a Final draft of the Insurance Code. The draft of the Code shall be sent to the Ministry of Finance for further coordination with all interested parties.

The primary objectives of the code are :
–  To incorporate in one legal document all of the existing legal acts related to the insurance;
–  To harmonize the Bulgarian legislation with the European legislation in the area of insurance;
–  To overcome the imperfections and omissions  in the existing legal framework;
– To ensure higher effectiveness of the regulation in order to guarantee better protection of the insured persons;