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FSC discussed the urgent measures in the non-banking sector needed for Bulgaria's accession to ERM II at a high-level meeting with the Chairman of the European Insurance and Occupational Pensions Authority

The Chairman of the Financial Supervision Commission (FSC) Mr. Boyko Atanasov and Mrs. Iliana Hristova, Deputy Chair of the Financial Supervision Commission in charge of the Insurance Supervision Division, held on 24 July 2019 a one-day high-level meeting with Mr. Gabriel Bernardino, Chairman of the European Insurance and Occupational Pensions Authority (EIOPA) and Patrick Hoedjes, Head of EIOPA’s Oversight Department.
Atanasov_BernardinoThe main purpose of the meeting for both, the Bulgarian and European Supervisory Authority of the non-banking sectors was to get acquainted personally and to ensure direct and purposeful communication. During the meeting the main challenges and related measures in the two most important non-banking sectors - insurance and pensions were discussed. The new management of the Financial Supervision Commission stated its strong commitment to ensure financial stability in the Bulgarian insurance and pensions sector, one of its main objectives.
In view of Bulgaria's accession to ERM II, the focus of the discussion was the need to ensure that the Bulgarian insurers maintain a sufficient level of technical reserves, an appropriate valuation of hard-to-value assets and of reinsurance recoverables, an adequate system of governance and that the financial and solvency position of the undertakings appropriately reflects the risks as legally established in the Insurance Code. The concrete measures to be taken in each of the areas were discussed, and the expected results are: a stable insurance market, greater precision in the valuation of certain categories of assets and technical reserves of the insurers as well as an appropriate system of governance.
 
FSC’s vision for the development of the Bulgarian insurance and pensions sector presented during the meeting is to ensure market stability, improved sanctioning mechanisms and preventive measures to protect consumers.
Mr. Boyko Atanasov, FSC chairman, said that "only by strong and fair supervision of the market behavior we can benefit the Bulgarian citizens. I am convinced that the only way to achieve our goals is through partnership, exchange of information and shared professional experience, as evidenced by our first meeting today with the senior management team of the European Insurance and Occupational Pensions Authority."
For his part, Mr. Bernardino, Chairman of the European Insurance and Occupational Pensions Authority, assured that the meeting was a sign of confidence in the new FSC management team, meaning Mr. Boyko Atanasov and Mrs. Iliana Hristova. "For the short time you are managing the Financial Supervision Commission, we are seeing a clear vision for the future strategic development of the regulatory and supervisory authority and a commitment to implement concrete measures for the stability of the Bulgarian insurance and pensions sector and for the benefit of the Bulgarian citizens. I count on transparent communication, a pre-emptive and proactive supervision and fulfilled commitments. In the interest of Bulgarian consumers, EIOPA will be uncompromisingly and closely monitoring the supervision of the Bulgarian insurance and pensions companies and if need be make use of its supervisory tools. To ensure strong supervision, it is important, however, that both the FSC and all other parties in the process, assume fully their responsibilities", added Mr. Bernardino.