The Social Insurance Supervision Division of the Financial Supervision Commission has announced the final results of the activities on supplementary pension insurance for year 2004. The net assets’ total amount as of December 31, 2004 accumulated by the three types of pension funds – voluntary, occupational and universal – amounts to BGN 787,414,000, which shows an increase of 54 % compared to the end of year 2003. As of the same period, the number of insured persons has reached 2,716,367.
Detailed information on the results of the activities on supplementary pension insurance for year 2004 may be found under the Statistics Rubric, Social Insurance Market Statistics and Analyses Section.

In the fourth quarter of 2010, in total  54 440 applications were filed in the pension insurance companies for switching of participation and transfer of funds from one pension insurance fund to another.
Overall 46 714 insured persons from those that filed applications in the fourth quarter of 2010 changed their participation in the supplementary pension insurance funds. The total amount of the transferred funds in another pension fund of the corresponding type was BGN 47 412 thousand.
During the whole 2010, totally 182 899 insured persons availed themselves of their right to switch their participation in the supplementary pension insurance funds and transferred resources from one to another respective fund, to the amount of BGN 182 842 thousand. In comparison to 2009, the persons who changed their participation increased by 59,28 percent, and the amount of the transferred funds – by 106,83 percent.
You can find the results of participation switching and transfer of funds to another pension fund for the fourth quarter of 2010 and for the whole of 2010 in Section Statistics, Statistics and Analysis of the Social Security Market.

In July 2004 Social Insurance Supervision Division of FSC completed full documentary inspection of pension insurance company “Alianz Bulgaria”. The objective of the inspection was to check the activity of the company for the period after September 1, 2003.  As a result of the inspection number of infringements of the Social Insurance Code was determined. Five punitive acts and total fines of BGN 5600 were imposed to the executive director of “Alianz Bulgaria” by the Head of Social Insurance Supervision Division.

During the fourth quarter of year 2004, a total number of 26,833 insured persons, and throughout the whole year a total number of  97,075  insured persons, availed themselves of their right to change their participation in the supplementary pension insurance funds and to transfer funds from their individual accounts.
During the fourth quarter of year 2004, the funds transferred from one to another respective fund amounted to BGN 9,500 thousand, and for the year these amounted to BGN 39,437 thousand.
Please kindly find the results from the change in participation and the transfer of funds from one pension fund to another for the fourth quarter of year 2004 and for the whole year 2004 under the Statistics Rubric, Insurance Market Statistics for 2004 Section.

1. The Commission approved a prospectus for secondary public offering of a corporate bonds issue to the amount of EUR 1,000,000 (say: one million euro), allocated in one thousand (1,000) pieces of the following type: ordinary, registered, dematerialized, interest – bearing, fully transferable, secured corporate bonds, having a nominal and issue value of EUR 1,000 (say: one thousand euro) each, and original maturity of thirty-six (36) months, having floating interest rate to the amount of the six-month EURIBOR plus 5.5 % on an annual basis, and interest payments every six (6) months, issued by HypoCredit AD, Sofia.
The Commission entered HypoCredit AD as an issuer and the issue specified above into the Public Companies and Other Issuers of Securities Register.
2. The Commission issued a temporary prohibition on the publication of a tender offer submitted by Chimimport AD, Sofia, for the purchase of shares of Prospecting and Extraction of Crude Oil and Gas AD, Sofia, from the company’s other shareholders through the Investment Intermediary Real Finance AD, Varna.
3. The Commission approved amendments to the Articles of Association of BenchMark Fund Estates REIT. 
4. The Commission issued a licence to Elana High Yield Fund AD to perform the following activities as an open-end investment company: investment in securities of funds raised through public offering of shares where observing the risk allocation principle.
5. The Commission adopted at first reading a Draft Ordinance on Introducing Amendments to Ordinance No. 12 on the method and procedure for establishing the minimum yield when managing the assets of supplementary compulsory pension insurance funds in order to cover the difference up to the minimum yield and on formation and utilization of the reserves allocated to guarantee the minimum yield.
The draft shall be forwarded in order to be coordinated with the interested persons and organizations and shall be published on the Commission’s website.

The Financial Supervision Commission adopted the following resolutions at a meeting held on February 15, 2005:
1. The Commission imposed a temporary prohibition on a tender offer submitted by ET Zaara – Yancho Ivanov, Stara Zagora, for the purchase of shares of Parvomai BT AD, Parvomai, from the company’s other shareholders through the Investment Intermediary Aval In AD, Sofia.
2. The Commission imposed a temporary prohibition on a tender offer submitted by Bulgaria – Tex AD, Svilrengrad, and Bulgaria 2000 AD, Kazanlak, for the purchase of shares of Bulgaria – K AD, Kazanlak, from the company’s other shareholders through the Investment Intermediary Bulbrokers AD, Sofia.
3. The Commission imposed a temporary prohibition on a tender offer submitted by Lukoil Europe Holdings B.V., Holland, for the purchase of shares of Lukoil Neftochim Burgas AD, Burgas, from the company’s other shareholders through the Investment Intermediary Raiffeisenbank (Bulgaria) EAD, Sofia.
4. The Commission approved a prospectus for public offering of 7,150,000 pieces of shares, having a nominal value of BGN 1 each, issued by BenchMark Fund Estates REIT as a result of increase in the company’s share capital to the amount of BGN 7,800,000. The capital increase shall be performed through issuance of 650,000 rights, each one entitling the shareholders to the right to subscribe for 11 shares of the capital increase.
5. The Commission adopted a Procedure for holding examinations to gain the right to perform activities as a broker or an investment consultant in year 2005. The Procedure for holding the examinations, as well as the topical synopsis for the examinations, shall be published on the Commission’s website.
The Commission fixed dates for holding the examinations as follows:
May 28, 2005 – Examination to gain the right to perform activities as a broker
May 29, 2005 – Examination to gain the right to perform activities as an investment consultant
6. The Commission adopted Regulations on Introducing Amendments to the Rules Governing the Organization and the Activities of the Guarantee Fund.
By adopting the Law on Introducing Amendments to the Insurance Act in October last year, the status of the Guarantee Fund /GF/ was also amended. The adoption of Rules Governing the Organization and the Activities of the Guarantee Fund, as well as the current supervision on conformity with the law, which is exercised by the Commission over the fund, fall within the scope of the Financial Supervision Commission’s prerogatives. The said fund is managed by a managing board comprising a chairperson and four members, elected by the Management Board of the Association of Bulgarian Insurers /ABI/ among representatives of the insurers who conduct activities on the conclusion of the compulsory Civil Liability insurances with the owners, users, holders and drivers of vehicles, as well as Accident insurance. The new points introduced under the Rules are as follows:
– The GF’s funds, decreased by the reserve for forthcoming payments, may not be less than BGN 3 mln.; when the Fund’s funds drop below this minimum amount for more than a month, the deficit shall be made up for with funds of the insurers who conclude compulsory insurances;
– The timeframe for delivering a judgment on a claim may not be longer than 30 days, where in the case of expiration of the said timeframe, default interest shall be due to the damaged person from the date, on which the timeframe for delivering the judgment on the claim expired.
The new Draft Rules were submitted by the ABI, amended by the experts with the FSC, adopted on today’s session of the Commission, and is to be promulgated in the State Gazette.

The Deputy Chairman of FSC, head of Social Insurance Supervision Division,   approved Requirements for the Content of the Advertising and Written Information Materials of the Pension Funds and Pension Insurance Companies.
These requirements are related to the materials issued and distributed by the company itself, and designed to provide guidance and assistance  to present and future insured persons in their choice of a pension insurance company. The same requirements are applicable in regard to the materials that are provided by the pension insurance company in case of concluding an agreement for supplementary pension insurance, or in case of submitting an application for transfer from one fund to another. The requirements concern also the content of the internet sites of the pension insurance companies, as well the advertising and other information materials of the companies.

The Commission approved the request of  Special Investment Purposes Company “TBI – BAK – Property” for a change of its  serving company. The new company is “TMF Services”.