FSC publishes the Methodology for the Bulgarian Insurance Sector Balance Sheet Review and the Methodology for the Bulgarian Pension Funds Assets Review

Following an exhaustive review of the Methodologies and based on consensus the Steering Committee (SC) recommended to Financial Supervision Commission(FSC) to approve the Methodology for the Bulgarian Insurance Sector Balance Sheet Review and the Methodology for the Bulgarian Pension Funds Assets Review, in compliance with Section 2 “Governance structure” of the Terms of Reference.

According to the Terms of reference the Methodologies for both of the reviews, prepared by Ernst & Young and revised by the SC were approved by the Financial Supervision Commission on May 13^th, 2016. The Methodologies shall serve as basis for the execution of the reviews by the independent external reviewers(IERs).Additional methodological clarifications are to be provided to the IERs through a Q&A tool.

The SC includes representatives from the FSC and European Insurance and Occupational Pensions Authority/EIOPA (voting members), as well as representatives from the Ministry of Finance, the Bulgarian National Bank, European Commission and European Securities and Markets Authority/ESMA (observers with advisory powers).

You can find the Methodologies and Templates here.

According to the Terms of reference the Methodologies for both of the reviews, prepared by Ernst & Young and revised by the SC were approved by the Financial Supervision Commissionon May 13^th, 2016. The Methodologies shall serve as basis for the execution of the reviews by the independent external reviewers(IERs).Additional methodological clarifications are to be provided to the IERs through a Q&A tool.