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 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.
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.
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.
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.
The Social Insurance Supervision Department of the FSC announced the results of the supplementary pension insurance activity for the first nine months of 2021. The information was obtained 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 in the supplementary pension insurance funds as of 30.09.2021 have also been published.
The total number of insured persons in the four types of supplementary pension insurance funds as of 30.09.2021 is 4,827,412 people, increasing compared to 30.09.2020 by 0.37 per cent.
As of 30.09.2021, net assets in the amount of BGN 18,833,129 thousand have been accumulated in the supplementary pension insurance funds. Compared to the first nine months of 2020, the net assets of pension funds increased by 14.41 percent.
The total revenues of the pension insurance companies for the first nine months of 2021 amount to BGN 248,545 thousand. The net financial result of the companies as of 30.09.2021 amounts to BGN 73,702 thousand.
In September 2021, the first persons insured in the universal pension funds reached retirement age. For the due payments to these persons in September 2021 from the universal pension funds BGN 334 thousand were set aside for lifelong pensions, BGN 824 thousand for deferred payments and BGN 7 thousand for one-off payments. The funds set aside for lifelong pensions and deferred payments go to funds for payment of lifelong pensions and funds for deferred payments, from where the respective payments will be made. More data on the activity of the payment funds will be announced as of 31.12.2021.
Information on the results of the supplementary pension insurance activity for the first nine months of 2021 and on the insured persons and the accumulated funds in the supplementary pension insurance funds as of 30.09.2021 by sex and age are available in the section: Social Insurance activity / Statistics / Statistics and analysis.
The Social Insurance Supervision Department of the FSC announced the results of the supplementary pension insurance activity for the first nine months of 2021. The information was obtained 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 in the supplementary pension insurance funds as of 30.09.2021 have also been published.
The total number of insured persons in the four types of supplementary pension insurance funds as of 30.09.2021 is 4,827,412 people, increasing compared to 30.09.2020 by 0.37 per cent.
As of 30.09.2021, net assets in the amount of BGN 18,833,129 thousand have been accumulated in the supplementary pension insurance funds. Compared to the first nine months of 2020, the net assets of pension funds increased by 14.41 percent.
The total revenues of the pension insurance companies for the first nine months of 2021 amount to BGN 248,545 thousand. The net financial result of the companies as of 30.09.2021 amounts to BGN 73,702 thousand.
In September 2021, the first persons insured in the universal pension funds reached retirement age. For the due payments to these persons in September 2021 from the universal pension funds BGN 334 thousand were set aside for lifelong pensions, BGN 824 thousand for deferred payments and BGN 7 thousand for one-off payments. The funds set aside for lifelong pensions and deferred payments go to funds for payment of lifelong pensions and funds for deferred payments, from where the respective payments will be made. More data on the activity of the payment funds will be announced as of 31.12.2021.
Information on the results of the supplementary pension insurance activity for the first nine months of 2021 and on the insured persons and the accumulated funds in the supplementary pension insurance funds as of 30.09.2021 by sex and age are available in the section: Social Insurance activity / Statistics / Statistics and analysis.
The Social Insurance Supervision Department of the FSC announced the results of the supplementary pension insurance activity for the first half of 2021. The information was obtained 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 30.06.2021 have also been published.
The total number of insured persons in the four types of pension funds as of 20.06.2021 is 4,828,080 people, increasing compared to 30.06.2020 by 0.60 per cent.
In the system of the supplementary pension insurance as of 30.06.2021, BGN 18,469,223 thousand of net assets have been accumulated. Compared to the end of the first half of 2020, the net assets of pension funds increased by 16.48 percent.
The total revenues of the pension insurance companies for the first half of 2021 amount to BGN 113,512 thousand and increased by 10.87 per cent compared to the reported revenues for the first half of 2020. The net financial result of the companies as of 30.06.2021 amounts to BGN 33,629 thousand
Detailed information on the results of the supplementary pension insurance activity for the first half of 2021 and on the insured persons and the accumulated funds as of 30.06.2021 by sex and age are available in the section: Social Insurance Activity / Statistics / Statistics and analysis / 2021.
The Social Insurance Supervision Department of the Financial Supervision Commission announced the results of the change of participation and transfer of funds of insured persons from one to another respective pension fund for the third quarter and first nine months of 2021. The data were obtained on the basis of reports submitted by pension insurance companies to the Financial Supervision Commission.
In the third quarter of 2021, a total of 88,381 applications for change of participation and transfer of funds from one pension fund to another were submitted to the pension insurance companies.
A total of 74,187 insured persons from the applications submitted in the third quarter of 2021 have changed their participation in the supplementary pension insurance funds. The total amount of the funds transferred to another pension fund of the respective type is BGN 301,297,085.
The insured persons who exercised their right to change their participation and transfer funds from the individual accounts in the first nine months of 2021 are a total of 221,534. The total amount of transferred funds since the beginning of the year is BGN 881,173,537.
Results of the change in the participation and transfer of funds from one to another respective pension fund for the third quarter and the first nine months of 2021 are available in section: Social Insurance activity / Statistics / Statistics and analysis / 2021.
The Social Insurance Supervision Department of the Financial Supervision Commission announced the results of the change of participation and transfer of funds of insured persons from one to another respective pension fund for the second quarter and first half of 2021. The data were obtained on the basis of reports submitted by pension insurance companies to the Financial Supervision Commission.
In the second quarter of 2021, a total of 84,816 applications for change of participation and transfer of funds from one pension fund to another were submitted to the pension insurance companies.
A total of 72,876 insured persons from the applications submitted in the second quarter of 2021 have changed their participation in the supplementary pension insurance funds. The total amount of the funds transferred to another pension fund of the respective type is BGN 298,998,865.
The insured persons who exercised their right to change their participation and transfer funds from the individual accounts in the first half 2021 are a total of 147,347. The total amount of transferred funds since the beginning of the year is BGN 579,876,453.
Results of the change in the participation and transfer of funds from one to another respective pension fund for the second quarter and first half of 2021 are available in section: Social Insurance Activity / Statistics / Statistics and analysis / 2021.
