FSC requires pension insurance companies and insurance undertakings to contract an independent external reviewerfrom a list of eligible reviewers

This press release publishes the list of independent external reviewers(IERs) eligible for performing the review of the assets of the Bulgarian pension funds and the balance sheet review of theBulgarian insurance undertakings.
Each pension insurance company andinsurance undertaking shall select an IER from this listand communicate such engagementto the Financial Supervision Commission (FSC) until 25 May 2016. The reviews will be performed in line with the methodology developed by the firm consultant – consortium Ernst & Young – steered by the Steering Committee (SC) and approved by the FSC. 
Approved list of IERs, eligible to perform the review of assets of the pension funds in Bulgaria Approved list of IERs, eligible to perform the balance sheet review of the insurers on the Bulgarian insurance market
DELOITTE AUDIT OOD, Bulgaria DELOITTE AUDIT OOD, Bulgaria
PWC AUDIT OOD, Bulgaria PWC AUDIT OOD, Bulgaria
RSM BULGARIA OOD, Bulgaria RSM BULGARIA OOD, Bulgaria
DZZD GD CONSORTIUM GRANT THORNTON BULGARIA – GREECE, Bulgaria and Greece DZZD GD CONSORTIUM GRANT THORNTON BULGARIA – GREECE, Bulgaria and Greece
KPMG AUDIT SRL, Romania KPMG AUDIT SRL, Romania
HLB BULGARIA OOD WILLIS TOWERS WATSON, The Netherlands
CLAYTON EURO RISK LIMITED, UK MILLIMAN SP. Z O.O., Poland
MAZARS SA, France MAZARS SA, France

 

Following detailed review of all submitted offers and based on consensus the SC recommended to FSC to approve the list of independent external reviewers, in compliance with Section 2 “Governance structure” of the Terms of Reference. The approved IERs meet the requirements specified exhaustively in the invitations published by FSC on 11 March 2016.
The SC, which oversees the reviews, includes representatives from the FSC and European Insurance and Occupational Pensions Authority/EIOPA (voting members), as well as representatives from the Ministry of Finance, the Bulgarian National Bank, European Commission and European Securities and Markets Authority/ESMA (observers with advisory powers).
 
Each pension insurance company shall select for each of the participating pension funds it manages, as well as each insurance undertakings, an IER from the published list who will conduct the review in line with the methodology developed by the firm consultant, steered by the SC and approved by the FSC. 
The FSC shall appoint in compliance with the applicable legal framework the IER based on the choice of the respective pension insurance/ insurance company. The choice of the insurance/ pension insurance companies shall not be binding on the FSC. The FSC has the power to override the pension insurance/ insurance company’s selection and where no choice is made the FSC will appoint an IER ex officio.
All IERs’ fees entailed by the review will be paid by the respective companies.
The review will begin after the issuance of the relevant acts by the FSC in accordance with the Bulgarian legislation.
The IER reviews are expected to commence on 15 July 2016 and shall be concluded until 15 October 2016 with the issuing of the IER final reports. The exercises that were postponed in accordance to the unanimous decision of the SC members followed by a recommendation of the SC shall be concluded until 1 December 2016 with the publication of the final report. The cut-off/reference date for the reviews is June 30, 2016.
All participating undertakings are required by 25 May 2016 to send to the FSC information about the selected IERs. FSC will check the eligibility of the selected entities and will send a confirmation to the participating undertakings by 10 June 2016. The contracts for employment of the selected IERs shall be concluded by 17 June 2016, at the latest.

FSC publishes the Methodology for the Bulgarian Insurance Sector Balance Sheet Review and the Methodology for the Bulgarian Pension Funds Assets Review

Following an exhaustive review of the Methodologies and based on consensus the Steering Committee (SC) recommended to Financial Supervision Commission(FSC) to approve the Methodology for the Bulgarian Insurance Sector Balance Sheet Review and the Methodology for the Bulgarian Pension Funds Assets Review, in compliance with Section 2 “Governance structure” of the Terms of Reference.

According to the Terms of reference the Methodologies for both of the reviews, prepared by Ernst & Young and revised by the SC were approved by the Financial Supervision Commission on May 13th, 2016. The Methodologies shall serve as basis for the execution of the reviews by the independent external reviewers(IERs).Additional methodological clarifications are to be provided to the IERs through a Q&A tool.

The SC includes representatives from the FSC and European Insurance and Occupational Pensions Authority/EIOPA (voting members), as well as representatives from the Ministry of Finance, the Bulgarian National Bank, European Commission and European Securities and Markets Authority/ESMA (observers with advisory powers).

You can find the Methodologies and Templates here.

FSC publishes the Methodology for the Bulgarian Insurance Sector Balance Sheet Review and the Methodology for the Bulgarian Pension Funds Assets Review

Following an exhaustive review of the Methodologies and based on consensus the Steering Committee (SC) recommended to Financial Supervision Commission(FSC) to approve the Methodology for the Bulgarian Insurance Sector Balance Sheet Review and the Methodology for the Bulgarian Pension Funds Assets Review, in compliance with Section 2 “Governance structure” of the Terms of Reference.

According to the Terms of reference the Methodologies for both of the reviews, prepared by Ernst & Young and revised by the SC were approved by the Financial Supervision Commissionon May 13th, 2016. The Methodologies shall serve as basis for the execution of the reviews by the independent external reviewers(IERs).Additional methodological clarifications are to be provided to the IERs through a Q&A tool.

The SC includes representatives from the FSC and European Insurance and Occupational Pensions Authority/EIOPA (voting members), as well as representatives from the Ministry of Finance, the Bulgarian National Bank, European Commission and European Securities and Markets Authority/ESMA (observers with advisory powers).

FSC participation in a conference “Bulgaria on the European FinTech Map” aimed at presenting the Annual Report of the Bulgarian FinTech Association


A conference entitled “Bulgaria on the European FinTech Map” presenting the Annual Report of the Bulgarian FinTech Association took place on 23 November 2021. The event was dedicated to the investments in the FinTech sector, as well as to the place our country occupies in both Europe and the world.
The audience became acquainted with the FinTech regulations in the non-banking financial sector by Ms. Neda Muzho acting in her capacity of Head of Department „Supervision of public companies, securities issuers and special purpose investment companies”. The lecturer stressed that the previous year marked by Covid-19 not just changed our perception of reality, but asserted new rules and provided strong incentive to the digital transformation in the non-banking financial sector. Ms. Muzho delineated the key issues in the FinTech area in the period 2021-2025, namely: establishing “strategic autonomy”, ensuring equal opportunities, strengthening supervision on EU level, competition and collision between digital policies. She drew the listeners’ attention to the strategic goals set in relation to the new business model:
  • Financial education;
  • Dialogue in the frame of establishing an ecosystem of relations in the period 2020-2030 which should deal with the subject “FinTech and providing opportunities aimed at fostering firm business models through intelligent regulations”;
  • Cyber security development.
Ms. Muzho completed her report by the following words:
” We are all gathered at the current conference because we took responsibility for the building of a new pillar, which is of main importance, and necessity for sustainable development. Perhaps this would be the most important role assumed by the Financial Supervision Commission, in order to provide long-term financial stability.
Ms. Muzho report is viewable here.
The entire report for 2021 of the Bulgarian FinTech Association is accessible here.

FSC participated in a conference on “Bulgaria on the European Fintech Map” to present the Annual Report of the Bulgarian Fintech Association

On 23 November 2021 a conference entitled “Bulgaria on the European Fintech Map” was held to present the Annual Report of the Bulgarian Fintech Association for 2021. The event was dedicated to investments in the sector and the place of our country in Europe and the world.

Fintech regulations in the non-banking financial sector were presented by Ms. Neda Muzho – Head of Supervision of Public Companies, Issuers of Securities and SPVs, who took part in the conference.

She noted that the last year, marked by the Covid-19 pandemic, not only changed our understanding of reality, but imposed new rules and gave a strong impetus to the digital transformation in the non-banking financial sector.

Ms. Muzho outlined the key topics in the fintech sector for the period 2021-2025, namely: creating “strategic autonomy”, ensuring a level playing field, strengthening EU oversight, competition and the clash of digital policies.

She also drew attention to the strategic goals set for the new business model:

 Financial literacy;

 Dialogue within the framework of creating an ecosystem of connections within 2020-2030. on “Fintech and establishing conditions for stimulating sustainable business models through smart regulations”;

 Development of cybersecurity.

Ms. Muzho ended her address with the words: “We are here together at this conference with responsibility, because we are building a new pillar that is very important and necessary for sustainable development, and this is perhaps the most important role of the Financial Supervision Commission, offering financial stability in the long run.”

FSC imposed a temporary ban on the provision of new and the extension of the term of existing cross-border products and services provided by ZAD DallBogg: Life and Health AD

The company’s activities in Bulgaria are not affected by this measure

On 10 June 2025, the Financial Supervision Commission (FSC), the Bulgarian supervisory authority of the insurance sector, imposed a temporary ban on the provision of new and the extension of the term of existing cross-border products and services of ZAD DallBogg: Life and Health AD (ЗАД „ДаллБогг: Живот и Здраве“ АД) – under the freedom to provide services across the European Economic Area concerning all classes of insurance for an initial period of 3 months as of 1 July 2025.

The insurance business activities of ZAD DallBogg: Life and Health AD will continue as usual in all Member States until 30 June 2025 (incl).

FSC, as the home supervisory authority, is in close contact with ZAD DallBogg: Life and Health AD to ensure effective consumer protection and fair treatment of all policyholders. FSC is also working on defining the conditions that ZAD DallBogg: Life and Health AD would have to meet for therestriction to be lifted. All concerned National Competent Authorities are closely cooperating.

More details will be provided shortly.

FSC Hosted a Study Visit of the Central Bank of Kosovo

The Bulgarian Financial Supervision Commission hosted a study visit of experts in the insurance field from the Central Bank of Republic (CBK) of Kosovo in the period 19-23 March 2012. The representatives from Kosovowere introduced to the licensing procedures, the methodology for on-site inspections and verification of documents and topics on financial reporting and analysis.

 Future cooperation between the CBK and FSC, especially the opportunities for implementing joint projects in the insurance sector, was also discussed. In this regard, the FSC’s experience as a partner in twinning projects financed by the EU was shared. A topic of the visit was also the FSC’s role in the process of EU accession and the harmonisation with the European legislation.

FSC held an International Conference “Development Outlook of the Non-banking financial sector”

On Dec 14th, 2011 the Bulgarian Financial Supervision Commission held a major international conference on “Development Outlook of the Non-banking financial sector”. The event was to present the new European policy in the financial sector and to stimulate discussion about the situation of the Bulgarian capital market and its future development.

The event was opened by Mr. Boyko Borisov, Prime Minister of Bulgaria. This gave a clear and strong signal to the business for the efforts that the Bulgarian government is making to overcome the effects of the global crisis in the non-banking financial sector and confirmed the priority of the country for full integration into the European structures. In his speech, the Prime Minister stressed that the European Union is on the verge of making extremely important decisions for its future development many of which are related to financial security and stability of financial markets. In this situation, the role of authorities dealing with supervision of the financial sector is crucial. In times of financial crisis, state institutions are urged to reinforce people’s confidence in the stability of markets in order to ensure their proper functioning and integrity.  The Prime Minister also noted that the Financial Supervision Commission proved that it has the capacity to cope with the challenges of the crisis as a result of the FSC Chairman’s personal efforts and the efforts of the institution.

In his turn, Mr. Stoyan Mavrodiev, Chairman of the FSC said that the financial crisis has impacted heavily on the global financial markets. This requires immediate action to overcome the consequences and to stabilize the financial markets nationwide. As part of the European financial regulators FSC supports the actions of the European Commission and together with the regulatory authorities of other member states is interested in seeking solutions and creating policies for effective oversight of the financial system. FSC is to promote these steps more stable, transparent, predictable and accountable to the public, investors and consumers.

A special guest speaker to the conference was Mr. Steven Maijoor – President of the European Securities and Markets Authority. He gave strong support for the Financial Supervision Commission. On Dec 13th a discussion meeting with representatives of the non-banking financial sector in Bulgaria was held. Mr. Maijoor presented immediate tasks and priorities of ESMA. Moreover, he answered many questions from interested parties regarding how the European supervisor authority interacts with the investment community.

Marcus Repnik, Permanent Representative of the World Bank for Bulgaria, the Czech Republic and Slovakia stated that the government regulators play a key role in shaping the capital markets. “The challenge now is to develop a regional capital market, which exceeds national borders”, said Mr. Repnik. In his view, this will allow better investment opportunities. According to him financial services and products are becoming more sophisticated and complex, and consumers need clear rules, effective supervision and responsibility.

After the capital market session, the conference „Development outlook of the non-banking financial sector“ was divided into two discussion panels. Mr. Angel Dzhalazov – Vice-Chairman of the FSC chaired the pension insurance session on profitability of the pension funds in a financial crisis condition and perspectives for introduction of multifunds in Eastern European countries. Ms. Antonia Gineva – Member of the Board moderated the financial consumer protection and financial education module.

Additional information including videos from the conference is uploaded on the following link:
http://www.worldbank.bg/WBSITE/EXTERNAL/COUNTRIES/ECAEXT/BULGARIAEXTN/0,,contentMDK:23069105~menuPK:305444~pagePK:2865066~piPK:2865079~theSitePK:305439,00.html