The Financial Supervision Commission initiates proceedings for the issuance of a general administrative act – Decision for determining the amount of minimum percentages, according to Art. 91, para. 3, item 2 of Ordinance No. 53 of 23.12.2016 on the requirements for reporting, valuation of assets and liabilities and the formation of technical reserves of insurers, reinsurers and the Guarantee Fund (Ordinance No. 53), as well as the period for their application. The draft act can be found on the FSC website in the section “Public consultations” (available in BG version).
NOTICE
In connection with the upcoming review of pension funds’ assets and insurers’ balance sheets in Bulgaria, the Financial Supervision Commission approved an Invitation for independent external reviewers who will conduct a review of the pension funds’ assets in Bulgaria and an Invitation for independent external reviewers who will conduct a review of insurers’ balance sheets for the Bulgarian insurance sector.
In pursuance of para. 10 of the Transitional and final provisions of the Law on recovery and resolution of credit institutions and investment firms, the FSC shall select and disclose publicly information on the entities who will conduct a review of the pension funds’ assets and a review of the insurers’ balance sheets. All interested parties are welcome to participate. For this purpose they shall submit to the FSC not later than February 18, 2016 the required documents in the two invitations. On the basis of the submitted documents and in compliance with the eligibility criteria set in the invitations, the FSC will select the entities with a high professional reputation and international experience which are eligible to conduct the review of the pension funds’ assets and the insurers’ balance sheets in Bulgaria within the period April – June 2016.
The full text of the two invitations is available at the following internet address: in Bulgarian and English
NOTICE
In connection with the upcoming review of pension funds’ assets and insurers’ balance sheets in Bulgaria, the Financial Supervision Commission approved an Invitation for independent external reviewers who will conduct a review of the pension funds’ assets in Bulgaria and an Invitation for independent external reviewers who will conduct a review of insurers’ balance sheets for the Bulgarian insurance sector.
In pursuance of para. 10 of the Transitional and final provisions of the Law on recovery and resolution of credit institutions and investment firms, the FSC shall select and disclose publicly information on the entities who will conduct a review of the pension funds’ assets and a review of the insurers’ balance sheets. All interested parties are welcome to participate. For this purpose they shall submit to the FSC not later than February 18, 2016 the required documents in the two invitations. On the basis of the submitted documents and in compliance with the eligibility criteria set in the invitations, the FSC will select the entities with a high professional reputation and international experience which are eligible to conduct the review of the pension funds’ assets and the insurers’ balance sheets in Bulgaria within the period April – June 2016.
The full text of the two invitations is available at the following internet address: in Bulgarian and English
Nine Insurance Brokers Have Been Granted a Licence to Perform Insurance Activities, and the Licence of One Broker Has Been Revoked
Ms. Ralitsa Againe, Deputy Chairperson of the Financial Supervision Commission in charge of the Insurance Supervision Division, has issued a licence to perform activities as an insurance broker to NIS-COMMERCE OOD, HVB LEASING INSURANCE BROKER BULGARIA OOD, INS DELIVERY OOD, VARNA INSURANCE PARTNERS OOD, CONSULT INS INTERNATIONAL EOOD, INS CONSULTING OOD, KM & D EOOD, PRESILA BROKERAGE EOOD, and to ТТ INS EOOD.
The licence to perform activities as an insurance broker issued to AL INS OOD (in liquidation), Burgas, has been revoked at their request.
Nikolay Popov Was Elected Unanimously Deputy – Chairman of the FSC by the Parliament
22 May 2012, the National Assembly of the Republic of Bulgaria unanimously elected the new deputy chairman of the Financial Supervision Commission – Mr. Nikolay Popov. He will be responsible for Investment Supervision Division in the FSC. Before his election, Mr. Popov held the positions of Chief Secretary to the Commission. Previously, he developed his career as Chief tax inspector, Executive Director of the National Revenue Agency (NRA), financial manager of „Festa Holding“, and managing administrative affairs of „Alfa Finance Holding“ AD in Macedonia. He was a Board member of the NRA; member of the Management Board and participant in the Meetings of Representatives of the National Health Insurance Fund, Member of the Supervisory Board of the National Insurance Institute and a member of the Executive Board and participant in the General Assembly of the Indo-European Organization of Tax Administrations (IOTA).
Nikolay Popov was offered for the position by the Chairman of the FSC – Mr. Stoyan Mavrodiev. In his official speech to the National Assembly on the proposal Mr. Mavrodiev said: „I am convinced and I guarantee that Mr. Nikolay Popov will contribute with his professionalism and personal qualities to the successful realization of goals and objectives that the Commission as a state institution responsible for supervision and regulation of the non-banking financial organizations must implement „.
New type of life insurance offered by Allianz Bulgaria Life has been approved
The Deputy Chairman of FSC, Head of Insurance Supervision Division, has issued to the insurance company “Allianz Bulgaria Life” a supplementary permission for new type of life insurance. The specifics of the insurance is that the insured person can choose an investment fund where his money shall be invested.
New templates of reports on the assets of the supplementary pension insurance funds
In connection with the amendments to the Social Insurance Code and the bylaws on its implementation, related to the payment phase from universal pension funds, the Deputy Chairperson of the FSC, head of the Social Insurance Supervision Department approved new templates of reports on the assets of the funds under Art. 23 of Ordinance No. 9 of the FSC, which the pension insurance companies submit to the FSC, as well as samples of the reports submitted by the custodian banks according to Art. 123a, para. 11 of the Social Insurance Code. Decisions for approval of the templates are available on the FSC website under the heading “Administrative documents / Decisions”, and the template reports are published under the heading “Administrative documents / Forms and templates/ Insurance market” (available only in BG version).
New template application for approval of a prospectus under the POSA
In the section “Administrative documents / Forms and templates/ Capital market” (available only in BG versrion) on the FSC website there is a template application for approval of a prospectus under the Public Offering of Securities Act, which should be used when submitting for approval of prospectuses for public offering of securities and / or admission of securities to trading on a regulated market or for approval of supplements to prospectuses.
New Special Investment Purposes Company licensed
The Commission has issued a license for operation to special investment purpose company “BenchMark Fund Imoti”. The company will invest in property. FSC approved the company’s prospectus for public offering of 150 000 ordinary, dematerialized, fully transferable shares with nominal value of BGN 1 each.
New share issue of Doverie United Holding was registered
Financial Supervision Commission has decided to register with its register of public companies and other issuers the following issue of securities:
Issuer: Doverie United Holding
Type of securities: ordinary, dematerialized, voting, fully transferable shares
Size of the issue: 6 574 924 shares
Nominal value per share: BGN 1
It is issued as a result of the increase of the capital of Doverie United Holding, Sofia.