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.

Petar Dzhelepov – Member of the Financial Supervision Commission made an address at 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, dedicated to investments in the sector and the place of our country in Europe and the world, with an address on fintech regulations in the non-banking financial sector in Bulgaria and the strategy of the regulator for monitoring the financial innovations.

In the report, Mr. Dzhelepov analyses 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 digitalisations, the Financial Innovation Monitoring Strategy for the period 2021-2024, the introduction of the Innovation hub and its subsequent development, as well as the overall future of the fintech regulations applied by the Financial Supervision Commission.

One of the main goals of the Commission is the introduction of more innovations in the insurance, investment and pension insurance sector in Bulgaria, and at the same time protecting the interests of consumers to the possible maximum.

“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 the changing risks and business models.” In order to ensure and adequately evaluate new product and business models, we conduct regular surveys on how innovations work and how innovations are applied and accepted among the companies under the Commission’s control. In addition, the main goal set by the Chairman of the FSC, Boyko Atanasov is the organization and implementation of educational programs aimed at increasing the financial literacy of consumers of financial services.”- said Mr. Dzhelepov.

The Financial Supervision Commission pursues a consistent innovation policy and in response to the digital financing package adopted by the European Commission, the FSC has adopted a Financial Innovation Monitoring Strategy for the period 2021-2024. It builds on the previous strategy and outlines a long-term directions in which the FSC would be committed to developing its supervisory activities and implementing the harmonization of the national regulatory framework and practices in the field of financial innovation at EU level.

Periodic reports and statements of insurance brokers

The package of reports, statements and appendices in connection with the submission to the Financial Supervision Commission of the periodic reports of the insurance brokers as of 30.06.2021, on the grounds of Art. 311, para. 3, item 2, in connection with para. 4 of the Insurance Code has been updated.

In connection with the above, the completion of the above reports and statements, and their submission through the electronic portal of the FSC, must begin after downloading the mandatory updated format (version 30.06.2021), published on the FSC website at:

www.fsc.bg, section “Administrative documents”, subsection “Forms and templates”, “Insurance market“.

IMPORTANT:

Attachments must meet the following conditions:

  • The main file containing the reference package according to Appendices 2.1-2.8 and 3.1-3.4 with basic information must be in .xls format (Microsoft Excel 2003);
  • The content of the main file with basic information must be filled in according to the templates approved by the Financial Supervision Commission, observing all rules for data validity (these rules are not part of this instruction and can be downloaded from the Financial Supervision Commission website) ;
  • The name of the main file with basic information must be formatted according to the rules set by the Financial Supervision Commission;
  • Appendix No. 1 shall be filled in according to the attached template contained in the reference package, the information must be in .xls format;
  • Files must be signed with a universal electronic signature in p7m or p7s format (PKCS # 7), and encryption should NOT be used when signing;
  • The signature on the files must belong to the same employee who logged in the system.

Periodic reports and statements of insurance brokers

The package of reports, statements and appendices in connection with the submission to the Financial Supervision Commission of the periodic reports of the insurance brokers as of 31.12.2021, on the grounds of Art. 311, para. 3, item 2, in connection with para. 4 of the Insurance Code has been updated.

In connection with the above, the completion of the above reports and statements, and their submission through the electronic portal of the FSC, must begin after downloading the mandatory updated format (version 31.12.2021), published on the FSC website at:

www.fsc.bg, section “Administrative documents”, subsection “Forms and templates”, “Insurance market“.

IMPORTANT:

Attachments must meet the following conditions:

  • The main file containing the reference package according to Appendices 2.1-2.8 and 3.1-3.4 with basic information must be in .xls format (Microsoft Excel 2003);
  • The content of the main file with basic information must be filled in according to the templates approved by the Financial Supervision Commission, observing all rules for data validity (these rules are not part of this instruction and can be downloaded from the Financial Supervision Commission website) ;
  • The name of the main file with basic information must be formatted according to the rules set by the Financial Supervision Commission;
  • For Appendix No. 2.4, Appendix No. 2.8, Appendix No. 3.2 and Appendix No. 3.4 of the main file with basic information contained in the reference package, the Note section should indicate the country in which the insurer / reinsurer has its registered office and the territory on which the risk under the concluded insurance / reinsurance contract is located
  • Appendix No. 1 shall be filled in according to the attached template contained in the reference package, the information must be in .xls format;
  • The Insurance Code stipulates an obligation for insurance brokers to submit information on the ongoing professional training and development of the persons under Art. 303, para. 2 and 3 and Art. 304, para. 1 of the IC within the year. The reports shall be submitted to the Commission annually by January 31 of the following year. For this purpose, Appendix No. 3 in .xls format should be filled in, according to the attached template contained in the reference package;
  • Files must be signed with a universal electronic signature in p7m or p7s format (PKCS # 7), and encryption should NOT be used when signing;
  • The signature on the files must belong to the same employee who logged in the system.