Share issue of “Capital Direct –1“ registered with the Commission

FSC registered with its register of public companies and other issuers the following issue of securities:
Issuer: Special Investment Purposes Company “Capital Direct – 1“
Type of securities: ordinary, dematerialized, fully transferable shares
Size of the issue: 1500 shares
Nominal value: BGN 100 each

The initial public offering of the described issue has been successfully completed. The issue will be traded on the stock exchange.


 

Rumen Galabinov Has Been Confirmed as a Member of the Managing Board and Executive Director of BULGARIAN REAL ESTATES AD Insurance Company and of BULGARIAN REAL ESTATES AD Life Insurance Company


Ms. Ralitsa Againe, Deputy Chairperson of the Financial Supervision Commission in charge of the Insurance Supervision Division, has issued two permits, under which Mr. Rumen Galabinov has been confirmed as a member of the Managing Board and Executive Director of BULGARIAN REAL ESTATES AD Insurance Company and of BULGARIAN REAL ESTATES AD Life Insurance Company.

Rubin AD is not public company anymore

Company Rubin AD has been deleted from the public register of the Commission in compliance with  the decision of the Head of Investment Supervision Division

Robo advisers

In order to raise the awareness and financial literacy of consumers of non-banking financial services, the Financial Supervision Commission has published two new documents related to the use of a robo adviser. The technology provides automated investment advice at low cost, using portfolio management algorithms.

This is the link where the published documents can be found: https://www.fsc.bg/?page_id=15928

Revocation of license of the insurance undertaking „Olympic Insurance Co. Ltd“


On 20.07.2018 the Financial Supervision Commission was informed by the competent authority of Cyprus (Superintendent of Insurance) through the European Insurance and Occupational Pensions Authority that:
  • the insurance undertaking „Olympic Insurance Co. Ltd“ is a Cyprus non-life insurance undertaking operating mostly in the MTPL insurance class. The undertaking carries out insurance business in Bulgaria under the right of establishment (through a branch);
  • the license of the insurance undertaking was revoked on 08.05.2018 due to the fact that the undertaking does not comply with the Minimum Capital Requirement and its submitted recovery plan was inadequate. On that day the undertaking’s assets were frozen in cooperation with the Bulgarian Financial Supervision Commission;
  • in relation to the revocation of license the undertaking is subject to compulsory dissolution and winding-up proceedings before the Court of Cyprus.
The competent authority of Cyprus published the following communication on its website:

"Revocation of authorisation to pursue insurance business of the insurance undertaking Olympic Insurance Co. Ltd (“the Company”)

Based on the provisions of article 153(1) of the Laws on Insurance and Reinsurance Business and Other Related Matters of 2016 and 2017 (‘the Law’), the Superintendent of Insurance announces that she decided to revoke the license to pursue insurance business of the above named Company, with license number 169, based on the provisions of article 151(2) of the Law, due to the non-compliance of the said Company with the minimum capital requirements established in the Law.
The Company is a Cyprus insurance undertaking operating in Cyprus and in Bulgaria (under the freedom of establishment) in the General Business Classes.
The Company exercised its right to appeal to the Permanent Secretary of the Ministry of Finance against the decision of the Superintendent of Insurance, as per the provisions of article 347 of the Law.
The Permanent Secretary of the Ministry of Finance, after the examination of the appeal, on 17/7/2018 issued his decision to ratify the Superintendent’s decision for the revocation of the Company’s authorisation to pursue insurance business.
In accordance with the provisions of article 153(2) of the Law, the said decision of the Permanent Secretary of the Ministry of Finance is published on the website of the Insurance Companies Control Service.
In accordance with the provisions of article 318(1) of the Law, the revocation of the authorisation of the Company to pursue insurance business is subject to the compulsory dissolution and winding up of the said Company by the Court."

The abovementioned communication was published in English language on the following address:
http://mof.gov.cy/assets/modules/wnp/articles/201807/428/editor/english.pdf.     
     

Revision of public company “Sofia Film” has started

In connection with publications in the media regarding unlawful deals with property of  public company “Sofia Film”, the Deputy Chairman of FSC,  Head of Investment Supervision Division, took a decision for initiation of revision of “Sofia Film”. The revision has to establish whether the requirements of the Law on Public Offering of Securities are abided.

In case violations of the law are established further actions will be undertaken.

 

Review of the non-banking financial sector for the first quarter of 2008

In July, the market review of the non-banking financial sector for the first quarter of 2008 has been published. According to summarized data, at the end of the first quarter of 2008, the number of collective investment schemes has reached 78, 67 of which are mutual funds, and 11 are investment companies. The special investment purpose joint stock companies have increased their number with 4 companies, 3 of which provide real estate securitization, and one specializes in securitization of receivables, with which the number of special investment purpose joint stock companies reaches 65.
There is growth on the market of services, offered by special investment purpose companies and insurance companies. The assets of special investment purpose joint stock companies amount to 1 426mln. BGN, up to 31.03.2008, with 3, 95% growth for the quarter. The premium revenue of the insurance companies, performing non-life insurance activities, goes beyond 360mln. BGN (18, 12% growth), while the revenue of the insurance companies, performing life insurance activities, amounts to 64 mln.BGN (19, 74% growth) at the end of the first quarter. There is some decrease of 1, 73% in the assets of the funds, managed by pension  insurance companies, which up to 31.03.2008, amount to 2 278 mln.BGN. There is a substantial  decrease of 24, 80% in the assets of the collective investment schemes – down to 685 mln.BGN. 

Results of the supplementary pension insurance activity for the first quarter of 2021

The Social Insurance Supervision Department of the FSC announced the results of the supplementary pension insurance activity for the first quarter of 2021. The information was summarized on the basis of the reports and references submitted by the pension insurance companies to the Financial Supervision Commission. The data on distribution of insured persons by sex and age as of 31.03.2021 have also been published.

The total number of insured persons in the four types of pension funds as of 31.03.2021 is 4,829,782 people, increasing compared to 31.03.2020 by 0.91 per cent.

In the system of the supplementary pension insurance as of 31.12.2021, BGN 17,844,456 thousand of net assets have been accumulated. Compared to the end of the first quarter of 2021, the net assets of pension funds increased by 18.95 percent.

The total revenues of pension insurance companies for the first quarter of 2021 amount to BGN 58,023 thousand and increase by 13.49 per cent compared to the reported revenues for the respective period of the previous year. The net financial result of the companies as of 31.03.2021 amounts to BGN 18,098 thousand.

Detailed information on the results of the supplementary pension insurance activity for the first quarter of 2021 and on the insured persons and the accumulated funds as of 31.03.2021 by sex and age are available in the section: Social Insurance activity / Statistics / Statistics and analysis / 2021.