Amendments to Ordinance N 4 on the obligatory insurance

FSC adopted amendments to  Ordinance N 4 on the obligatory insurance. According to the amendments the insurance companies are forbidden to provide any goods, services or discounts which are not part of approved by the supervisory body general conditions, tariff and technical plan of the insurance.

FSC also adopted instructions for implementation of par. 129, art.1, item 3  and par. 201, art.1, item 1  from the Social Insurance Code.

Amendments to Ordinance N 12

FSC adopted amendments to  Ordinance N 12 on the method and system for assessment of the minimal return  on the assets of supplementary obligatory pension insurance funds; for covering the difference up to the minimal return, and for forming and using the reserves in order to guarantee minimal return

FSC also adopted instructions under par. 13, art.1, item 1 from LPOS related to par. 170, art.1 from the Social Insurance Code.

AIG Life Bulgaria permitted to invest reserves abroad

Nuredin Kafelov, Member of the FSC, Head of Insurance Supervision Division, gave a permission to AIG Life Bulgaria to invest insurance reserves of the insurances denominated in EURO in government securities abroad. The insurance company can invest up to 100 % in government bonds, issued by European governments having  S&P rating “A” or higher, and up to 20% in corporate securities (bonds) with rating “A+” or higher.
In order to guarantee the rights and interest of the insured persons AIG Life Bulgaria must submit with the FSC monthly reports providing information on the premium income, on the amount of the insurance reserves of the insurances denominated in EURO, as well data  about the investment portfolio, formed as a result of the investments made abroad.

Achieved investment results in the management of the supplementary pension funds for the period 2006 – 2010

By 31st of March every year, the pension insurance companies must announce the achieved investment results (rate of return and investment risk) of the managed by them pension funds. The content and form of this information is specified in the Requirements to the advertising and written information materials of the pension funds and of the pension insurance companies. According to Item 23 of the above stated document, the information of the achieved investment results of the pension funds covers:

  • the nominal rate of return, as a percent, from the management of the pension fund’s assets for each calendar year from the preceding five-year period;
  • the average nominal rate of return, as a percent, from the management of the pension fund’s assets for the preceding five-year period, calculated as geometric mean of the rate of returns for each ear of the period;
  • the level of investment risk in the management of the pension fund’s assets for each calendar year from the preceding five-year period, measured by the indicator standard deviation of the rate of return;
  • Sharp coefficient, in case that the achieved nominal rate of return is higher than the risk-free rate of return for the relevant year;
  • a graph about the value per one unit as at the last business day of each month for the preceding five-year period.

In relation to Item 23 of the Requirements to the advertising and written information materials of the pension funds and of the pension insurance companies and in consistence with the adopted practice for enhancement of the insured persons’ knowledge, Social Insurance Supervision Division of the Financial Supervision Commission announces the investment results, achieved for the period 2006 – 2010, in the management of all supplementary pension insurance funds.

A roundtable was held on the problems related to automobiles marking

Roundtable on topic: Marking with stickers in relation to Casco insurance – yes or no, took place on 7 February, 2011. The event was organized by the Association of Bulgarian Insurers under the aegis of the Ministry of Interior and the Financial Supervision Commission.
The event gathered representatives of the insurance companies, FSC, MoI, insurance experts, representatives of marking companies, brokers.
The discussion was opened by Borislav Bogoev, Deputy Chairman of FSC, in charge of Insurance Supervision Division, who emphasized the importance of the problems and the necessity reasoned presentations of the different viewpoints on the issue to be made.
The Minister of the Interior, Tsvetan Tsvetanov, was actively involved in the roundtable, defending the position that the stickers for the Motor Casco Insurance must be removed and that the passive marking must cease to be an element of the insurance. During the forum, it has become clear that within shortest time texts, complied with the discussion, will be prepared for legislative amendments on this matter, and they will be presented to the Parliament.

A Memorandum of Understanding on Mutual Assistance and Exchange of Information was signed by and between the Financial Supervision Commission and the Hellenic Capital Market Commission


On this 28th day of March, 2005, in Sofia City, a Memorandum of Understanding on Mutual Assistance and Exchange of Information was signed by and between the Financial Supervision Commission and the Hellenic Capital Market Commission. The Memorandum was signed by the Chairmen of both Institutions – Mr. Apostol Apostolov and Mr. Alexios Pilavios.

This is a further step forward towards extension of the co-operation between the two supervisory institutions, which is to contribute to the establishment and improvement of efficient mechanisms for exchange of information and relative experience in connection with the development of the capital market in both countries.

2010 data on the insurance market

The presented individual data from the insurer’s reports for 2010 are summarized and published on the FSC’s web page – www.fsc.bg, in section E-library, Statistics, Insurance Market. In the same section, there are also data published for reinsurance company G P Reinsurance EAD.

In 2010, the gross premium income realized by insures, having a legal seat in the Republic of Bulgaria, amounted to BGN 1 630 550 thousand, where a decline of 3,0 % on a year-on-year basis was observed. The gross premium income, realized by the general insurance companies at the end of 2010, amounted to BGN 1 384 741 thousand, whereby a decrease of 5,1 % on a year-on-year basis was realized.

The gross premium income, realized by life insuring companies at the end of 2010, amounted to BGN 245 809 thousand, recording a growth of 10,5 % on an annual basis.

The occurred claims in general insurance were to the amount of BGN 749 410 thousand, declining by 1,6 % y/y.

The paid claims by life insurers were to the amount of BGN 98 633 thousand, recording a growth of 8,2 % year-on-year.

At the end of 2010, the sum of the insurers’ assets climbed by 4,9 % on an annual basis and amounted to BGN 2 922 704 thousand, including 63,8 % of the general insurance companies and 36,2 % of the life insurance companies.

In the end of 2010, the amount of the general insurance companies’ investments came to BGN 1 200 687 thousand and surged by 9,0 % year-on-year. The amount of the life insurance companies came to BGN 914 511 thousand and increased by 8,3 % year-on-year.

The assets amount of reinsurer G P Reinsurance EAD was BGN 1 609 914 thousand in the end of 2010, towards BGN 1 083 988 thousand in the end of 2009. 

The amount of the reinsurer’s investments in the end of 2010 was BGN 1 243 053 thousand, compared to BGN 975 583 thousand a year earlier.

The total amount of the insurers’ equity grew by 1,1 % on an annual basis and reached BGN 977 369 thousand, including BGN 526 261 thousand of the insurers pursing business of general insurance, and BGN 451 108 thousand of the life insurance companies.

The amount of the gross technical provisions, set aside by the general insurance companies increased by 8,1 % year-on-year and reached BGN 1 375 820 thousand.

The amount of the gross technical provisions, set aside by life insurance companies went up by 13,8 % year-on-year and reached BGN 574 750 thousand.

The companies in the general insurance sector reported a negative technical result of BGN (-43 279) thousand in 2010, compared to BGN (-7 736) thousand in 2009, respectively a negative financial result of BGN (-16 385) thousand in 2010, compared to BGN 26 689 thousand in 2009.

The reported by life insurance companies technical result of year 2010 was                 BGN 14 758 thousand, compared to BGN 11 921 thousand in 2009, and the financial result was BGN 22 702 thousand, compared to BGN 23 942 thousand in 2009.

0800 40 444 е телефонът на Информационния център на КФН

Комисията за финансов надзор предлага от 16 октомври 2017 година нова услуга. Тя е насочена преди всичко към потребителите на финансови услуги в небанковия финансов сектор, но също така и към бизнеса.
На телефон 0800 40 444 от 9.00 до 17.30 в работни дни компетентни сътрудници на комисията ще отговарят на въпроси относно правата на гражданите в отношенията им със застрахователните компании и пенсионноосигурителните дружества, търговията на капиталовия пазар и боновите книжки от масовата приватизация и други, като ще приемат запитвания и от компании в секторите, за които отговаря комисията. Сътрудниците на Информационния център ще посрещат и гражданите, които идват с въпроси на място в КФН.
Екипът на Информационния център на КФН е избран измежду най-изявените студенти от финансовите, икономически и юридически специалности на няколко престижни университети след интензивно специализирано обучение и положен изпит.  
С откриването на този център КФН ще защитава още по-ефективно потребностите на потребителите на финансови услуги, които ще могат да получават бърз и компетентен отговор на широк кръг от въпроси.

0800 40 444 е телефонът на Информационния център на КФН

 
Комисията за финансов надзор предлага от 16 октомври 2017 година нова услуга. Тя е насочена преди всичко към потребителите на финансови услуги в небанковия финансов сектор, но също така и към бизнеса.
На телефон 0800 40 444 от 9.00 до 17.30 в работни дни компетентни сътрудници на комисията ще отговарят на въпроси относно правата на гражданите в отношенията им със застрахователните компании и пенсионноосигурителните дружества, търговията на капиталовия пазар и боновите книжки от масовата приватизация и други, като ще приемат запитвания и от компании в секторите, за които отговаря комисията. Сътрудниците на Информационния център ще посрещат и гражданите, които идват с въпроси на място в КФН.
Екипът на Информационния център на КФН е избран измежду най-изявените студенти от финансовите, икономически и юридически специалности на няколко престижни университети след интензивно специализирано обучение и положен изпит.  
С откриването на този център КФН ще защитава още по-ефективно потребностите на потребителите на финансови услуги, които ще могат да получават бърз и компетентен отговор на широк кръг от въпроси.