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The Financial Supervision Commission has sent statement for the portfolio transfer “TT Club Mutual Insurance Limited” to “TT Club BV”


The Financial Supervision Commission has been notified by the competent authority of the United Kingdom (Prudential Regulation Authority) of the forthcoming transfer of an insurance portfolio from the “TT Club Mutual Insurance Limited” (with head office in the United Kingdom) to “TT Club BV” (with head office in the Netherlands). After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of the United Kingdom with the information that the FSC cannot give its consent to the proposed transfer, pursuant to Article 39, paragraph 4 of Solvency II, based on the fact that the insurance portfolio subject to the transfer includes insurance contracts covering risks located on the territory of the Republic of Bulgaria, but the Bulgarian FSC has not received a notification regarding the intention of the accepting insurance undertaking - “TT Club BV” to carry out insurance business on the territory of the Republic of Bulgaria.