In compliance with the request of the Agency of Privatization the Commission discontinued the procedure for transformation to a public company of two companies – Boyana Film EAD and Eliseina EAD.
PRESS RELEASE
With regard to the companies part of a group or sub-group according to item 46 to item 54 of Annex 6 from the Methodology for the review of the balance sheets of the insurers, the following shall be considered that those companies refer to the group level assessments which has to be performed in the current exercise in compliance with the applicable legal framework, and in particular the provisions of articles 232 and 234 of the Insurance Code which transpose art. 213 of the Solvency II Directive.
The provision of art. 239, para. 3 of the Insurance Code provides the obligation for an insurer/ reinsurer, part of a group, to ensure that eligible own funds available in the group are always at least equal to the Solvency Capital Requirement of the group.
The group level assessment does not imply that insurance holdings or mixed financial holding companies that are parent undertakings of insurance or reinsurance undertakings are required to contract an independent external reviewer to assess their individual balance sheets as those holdings taken individually are not subject to the review.
It is however an obligation to the insurers listed in Annex 6 from the Methodology for the review of the balance sheets of the insurers to provide the relevant information to the already appointed Independent external reviewers allowing them to make group and sub-group level assessment according to items 46-54 of Annex 6 and in accordance with the adopted methodology.
FSC will send official letters to the insurance undertakings part of a group or sub-group clarifying that the appointed IERs should also perform the group level reviews.
Press release
With regard to the companies part of a group or sub-group according to item 46 to item 54 of Annex 6 from the Methodology for the review of the balance sheets of the insurers, the following shall be considered that those companies refer to the group level assessments which has to be performed in the current exercise in compliance with the applicable legal framework, and in particular the provisions of articles 232 and 234 of the Insurance Code which transpose art. 213 of the Solvency II Directive.
The provision of art. 239, para. 3 of the Insurance Code provides the obligation for an insurer/ reinsurer, part of a group, to ensure that eligible own funds available in the group are always at least equal to the Solvency Capital Requirement of the group.
The group level assessment does not imply that insurance holdings or mixed financial holding companies that are parent undertakings of insurance or reinsurance undertakings are required to contract an independent external reviewer to assess their individual balance sheets as those holdings taken individually are not subject to the review.
It is however an obligation to the insurers listed in Annex 6 from the Methodology for the review of the balance sheets of the insurers to provide the relevant information to the already appointed Independent external reviewers allowing them to make group and sub-group level assessment according to items 46-54 of Annex 6 and in accordance with the adopted methodology.
FSC will send official letters to the insurance and reinsurance undertakings part of a group or sub-group clarifying that the appointed IERs should also perform the group level reviews.
Preliminary results of the supplementary pension insurance activity for 2021
The Social Insurance Supervision Department of the FSC announced the preliminary results of the supplementary pension insurance activity for 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 pension funds as of 31.21.2021 have also been published.
The total number of insured persons in the four types of pension funds as of 31.21.2021 is 4,849,754 people, increasing compared to 31.21.2020 by 0.64 per cent.
As of 31.12.2021, the net assets of the pension funds amount to BGN 19,557,121 thousand. Compared to the end of 2020, the net assets of pension funds increased by 13.08 percent.
The total revenues of the pension insurance companies for 2021 amount to BGN 311,101 thousand. The net financial result of the companies for 2021 amounts to BGN 75,219 thousand.
By the end of 2021, 7 lifelong pension payment funds (LPPFs) and 9 deferred payment funds (DPFs) have been established. During the period 01.09.2021 – 31.12.2021 a total of 270 pension contracts were concluded for payment of additional lifelong old-age pension and 1 863 contracts for deferred payment of funds with the first persons insured in the universal pension funds who have reached retirement age. . In order to make payments to these persons during the period 01.09.2021 – 31.12.2021, BGN 4,491 thousand were transferred from their individual accounts to the LPPFs and BGN 8,625 thousand to the DPFs. During the same period, BGN 52,000 was paid for pensions by the LPPF, and BGN 596,000 was paid by the DPFs for deferred payments to insured persons and BGN 8,000 once to heirs of insured persons who received deferred payments.
Funds in the amount of BGN 58,000 were once paid from the universal pension funds to insured persons who have reached retirement age.
Information on the preliminary results of the supplementary pension fund and payment fund activity for 2021 and on the insured persons and the accumulated funds as of 31.12.2021 by sex and age are available in the section: Social Insurance activity / Statistics / Statistics and analysis.
Preliminary results of the supplementary pension insurance activity for 2020
The Social Insurance Supervision Department of the FSC announced the preliminary results of the supplementary pension insurance activity for 2020. 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 31.12.2020 have also been published.
The total number of insured persons in the four types of pension funds as of 31.12.2020 is 4,819,139 people, increasing compared to 31.12.2019 by 1.18 per cent.
In the system of the supplementary pension insurance as of 31.12.2020, BGN 17,294,294 thousand of net assets have been accumulated. Compared to the end of 2019, the net assets of pension funds increased by 10.67 percent.
The total revenues of the pension insurance companies for 2020 amount to BGN 217,020 thousand and increased by 8.88 per cent compared to the reported revenues for 2019. The net financial result of the companies as of 31.12.2020 amounts to BGN 58,432 thousand
Detailed information on the preliminary results of the supplementary pension insurance activity for 2020 and on the insured persons and the accumulated funds as of 31.12.2020 by sex and age are available in the section: Social Insurance activity/ Statistics / Statistics and analysis / 2020.
Positive assessment of FSC in the EC’ Regular Report on Bulgaria’s Progress toward Accession
In regard to the freedom to provide services the European Commission confirms the progress made in this area in 2003, as it is compared to the previous report. The general recommendation is that the development and the implementation of the European legislation in the area of the insurance and the collective investment schemes should continue.
European Commission considers the establishment of FSC a positive step. Also positive step is the establishment and functioning of the Consultative Board for Financial Stability which main objective is to facilitate the cooperation between Bulgarian National Bank and FSC, and to promote the development of the financial sector.
Portfolio transfer from UK P&I Club N.V to TT Club Mutual Insurance Limited
The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from UK P&I Club N.V to TT Club Mutual Insurance Limited
The Financial Supervision Commission (FSC) has been notified by the competent authority of the Kingdom of Netherlands (De Nederlandsche Bank (DNB)) of the forthcoming partial portfolio transfer from the insurance undertaking UK P&I Club N.V to TT Club Mutual Insurance Limited, including insurance contracts on which the Republic of Bulgaria is a Member State where the risk is located. After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of the Kingdom of Netherlands on granting consent for the transfer of the insurance portfolio from UK P&I Club N.V to TT Club Mutual Insurance Limited.
Portfolio transfer from Foyer Sante S.A. to Globality S.A.
The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from Foyer Sante S.A. to Globality S.A.
The Financial Supervision Commission (FSC) has been notified by the competent authority of the Grand Duchy of Luxembourg (Commissariat aux Assurances) of the forthcoming portfolio transfer from the insurance undertaking Foyer Sante S.A. to Globality S.A., including insurance contracts on which the Republic of Bulgaria is a Member State where the risk is located. After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of the Grand Duchy of Luxembourg on granting consent for the transfer of the insurance portfolio from Foyer Sante S.A. to Globality S.A.
Portfolio transfer from Foyer Sante S.A. to Globality S.A.
The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from Foyer Sante S.A. to Globality S.A.
The Financial Supervision Commission (FSC) has been notified by the competent authority of the Grand Duchy of Luxembourg (Commissariat aux Assurances) of the concluded on February 20th 2024 portfolio transfer from the insurance undertaking Foyer Sante S.A. to Globality S.A., including insurance contracts on which the Republic of Bulgaria is a Member State where the risk is located.
In November 2023 Commissariat aux Assurances has notified about the forthcoming portfolio transfer. After the review of the documents the FSC has already informed Commissariat aux Assurances of granting its consent for the insurance portfolio transfer.
After the transfer Globality S.A. changes its name to Foyer Global Health S.A. and will run the portfolio of Foyer Sante S.A. which ceases its activities.
Portfolio transfer from Codan Forsikring A/S to Alm. Brand Forsikring A/S
The Financial Supervision Commission (FSC) has been notified by the competent authority of the Kingdom of Denmark (Danish Financial Supervisory Authority) of the concluded on March 31st 2024 portfolio transfer from the insurance undertaking Codan Forsikring A/S to Alm. Brand Forsikring A/S, including insurance contracts on which the Republic of Bulgaria is a Member State where the risk is located.
In October 2023 Danish Financial Supervisory Authority has notified about the forthcoming portfolio transfer. After the review of the documents the FSC has already informed Commissariat aux Assurances of granting its consent for the insurance portfolio transfer.