Positive assessment of FSC in the EC’ Regular Report on Bulgaria’s Progress toward Accession

On October 6, 2004 the European Commission published its Regular Report on Bulgaria’s Progress toward Accession.    The development of the non-banking financial sector is analyzed in three chapters related to the activity of FSC –  freedom to provide services, free movement of capital and economic and monetary union.
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.

Portfolio transfer from Codan Forsikring A/S to Alm. Brand Forsikring A/S

The Financial Supervision Commission has sent notification about its consent for the 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 forthcoming 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. After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of the Kingdom of Denmark on granting consent for the transfer of the insurance portfolio from Codan Forsikring A/S to Alm. Brand Forsikring A/S.

Portfolio transfer from Aetna Health Insurance Company of Europe Designated Activity Company to AWL Health & Life

The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from Aetna Health Insurance Company of Europe Designated Activity Company to AWL Health & Life

The Financial Supervision Commission was informed by the competent authority of the Republic of Ireland (Central Bank of Ireland) that the portfolio transfer from Aetna Health Insurance Company of Europe Designated Activity Company to AWL Health & Life was approved by the High Court of Ireland. The transfer was effected on 1 December 2023.

Portfolio transfer from „Westfälische Provinzial Versicherung Aktiengesellschaft“ to „Provinzial Rheinland Versicherung Aktiengesellschaft


The Financial Supervision Commission (FSC) has been notified by the competent authority of Germany (BaFin) of concluded portfolio transfer from the insurance undertaking „Westfälische Provinzial Versicherung Aktiengesellschaft“ to „Provinzial Rheinland Versicherung Aktiengesellschaft“.
In August 2021 BaFin has notified about the forthcoming portfolio transfer. After the review of the documents the FSC has already informed BaFin of granting its consent for the insurance portfolio transfer.
After the transfer Provinzial Rheinland Versicherung AG will run the portfolio of Westfälische Provinzial Versicherung Aktiengesellschaft“ under the new name – Insurance Company Provinzial Versicherung Aktiengesellschaft.

Portfolio transfer from “Generali Hellas I Insurance Company S.A.“ (previous name AXA Insurance Société Anonyme) to „Generali Hellas Insurance Company S.A“


The Financial Supervision Commission (FSC) has been notified by the competent authority of the Republic of Greece (Bank of Greece) of concluded portfolio transfer from the insurance undertaking “Generali Hellas I Insurance Company S.A.“ (previous name AXA Insurance Société Anonyme) to „Generali Hellas Insurance Company S.A.
In July 2021 Bank of Greece has notified about the forthcoming portfolio transfer. After the review of the documents the FSC has already informed Bank of Greece of granting its consent for the insurance portfolio transfer.
After the transfer „Generali Hellas Insurance Company S.A. will run the portfolio of “Generali Hellas I Insurance Company S.A.“ (previous name AXA Insurance Société Anonyme).

Petar Dzhelepov, Member of the Financial Supervision Commission, took part in the „Annual Report of the Bulgarian Fintech Association“


Mr. Petar Dzhelepov, Member of the Financial Supervision Commission (FSC), took part in the "Annual Report of the Bulgarian Fintech Association" for 2021 with a statement on fintech regulations in the non-banking financial sector in Bulgaria and the regulator’s strategy for monitoring financial innovations. The Report is dedicated to the investments in the sector and the place of our country in Europe, as well as in the world.
As part of the Report Mr. Dzhelepov analyzes and outlines the successful development of the fintech sector in Bulgaria, the high technological progress in the non-banking financial sector, the regulations of these important innovations and digitalizations, the Strategy for monitoring the financial innovations for the period 2021-2024, the introduction of Innovation hub and its further development, as well as the overall future enforcement by the Financial Supervision Commission of the fintech regulations.
One of the main goals of the FSC is the introduction of more innovations in the insurance, investment and pension insurance sector in Bulgaria, and at the same time, to ensure an ultimate protection of consumers’ interests.
 "In order to keep up with the new digital environment and the expectations of both participants and end users, we must constantly assess and, where necessary, adjust the regulatory framework to adequately deal with changed risks and business models. With purpose to ensure and adequately evaluate the new product and business models, we regularly conduct surveys on how innovations work and how innovations are applied and accepted among the supervised by the Commission companies. In addition, the FSC organizes and conducts educational programs aimed at increasing the financial literacy of consumers of financial services. "- said Mr. Dzhelepov.
Furthermore, in response to the digital financing package adopted by the European Commission, the Financial Supervision Commission pursues a consistent innovation policy and adopted a Strategy for Monitoring the Financial Innovation for the period 2021-2024. Based on the previous strategy the document outlines in a long-term plan the direction in which the FSC will commit to develop its supervisory activities and to implement the harmonization of the national regulatory framework and practices in the field of financial innovation at EU level.
 
Mr. Dzhelepov's statement on FinTech regulations in the non-banking financial sector is accessible here.
 
The entire 2021 Report of the Bulgarian FinTech Association is published here.