The data presented from the reports of insurers in non-life and life insurance at the end of May 2021 are summarized and published on the FSC website – www.fsc.bg, section “Insurance Activity”, “Statistics”.
Update of the lists of insurers and insurance intermediaries who have stated their intention to carry out cross-border activity within the Internal Market of the European Union
For the period from 01.07.2021 to 31.07.2021 the FSC received notifications from the competent authorities of Member States regarding the intention of 41 (forty-one) insurers and insurance intermediaries based in other EU Member States to operate (entry or termination of the notification) on the territory of the Republic of Bulgaria under the terms of the freedom to provide services.
The FSC received 5 (five) notifications regarding the intention of insurance companies based in Member States of the EU to operate in the territory of the Republic of Bulgaria under the terms of freedom to provide services (registering insurance companies in the FSC list of notifications), as well as 1 (one) notification regarding the withdrawal of intention of one insurance company established in an EU Member State, to operate on the territory of the Republic of Bulgaria under the terms of freedom to provide services.
As of the end of July 2021, the number of insurance companies based in other EU and EEA Member States which intend to operate in Bulgaria under the principle of freedom to provide services, increased to 430 (six hundred and thirty).
For the period, the FSC received 13 (thirteen) notifications regarding the intention of insurance intermediaries based in EU Member States to carry out insurance mediation activities in Bulgaria under the terms of freedom to provide services, as well as 11 (eleven) notifications for termination of such activity in the country. As of 30.07.2021, there are 2,294 (two thousand two hundred and ninety-four) insurance intermediaries based in EU Member States that have stated their intention to carry out cross-border insurance intermediation activities in Bulgaria
For the period 01.07.2021 – 31.07.2021 the FSC has not sent notifications to the national competent authorities of the EU Member States regarding the intention or withdrawal of the intention of the insurance companies and insurance intermediaries based in the territory of the Republic of Bulgaria to carry out cross-border activity.
As of the end of July 2021, the total number of local insurance companies that have stated their intention to carry out insurance activities in the territory of other EU and EEA Member States under the terms of freedom to provide services is 17 (seventeen), and the total number of insurance intermediaries based in the Republic of Bulgaria, which have stated their intention to carry out insurance intermediation activities on the territory of EU Member States under the terms of freedom to provide services or the right of establishment, remains 52 (fifty-two).
The updated lists of notifications are available on the FSC website in the section “Supervised entities” – “Notifications”.
Data on the insurance market as of 30.04.2021
The data presented from the reports of insurers in non-life and life insurance at the end of April 2021 are summarized and published on the FSC website – www.fsc.bg, section “Insurance activity”, “Statistics”.
The Financial Supervision Commission held a series of online training seminars with supervised entities on topics related to the implementation of the Law on Measures against Money Laundering, the Law on Measures against Financing of Terrorism and their implementing acts.
On 3 and 4 August 2021, Boyko Atanasov, Chairman of the Financial Supervision Commission, launched a series of training seminars for supervised entities on topics related to the implementation of measures to prevent money laundering and terrorist financing provided for in the Law on Measures against Money Laundering, the Law on Measures against Financing of Terrorism and the acts on their implementation.
The main topics of the online training seminars were:
– Evaluation of the Republic of Bulgaria within the Fifth Evaluation Round of the MONEYVAL Committee of the Council of Europe;
– National risk assessment of money laundering and terrorist financing in the Republic of Bulgaria;
– Preparation of own risk assessment by the obligated persons and determination of the risk profile of their clients;
– Requirements for remote identification of customers;
– Requirements of the Law on Measures against Financing of Terrorism;
– Established trends and typologies for money laundering and terrorist financing and predicate offenses at the national and international level;
– Practices and trends identified among obligated parties in the Commission’s oversight of the implementation of the Law on Measures against Money Laundering, the Regulations for the Implementation of the Law on Measures against Money Laundering, and the Law on Measures against Financing of Terrorism.
During the trainings the experts of the Financial Supervision Commission provided an opportunity to discuss certain issues related to the application of the considered regulatory acts, set by the participants.
The topics of the training seminars were the subject of increased interest among business representatives.
The training held on 3 August 2021 was attended by 190 representatives and employees of a total of 62 companies – investment firms, collective investment schemes and other collective investment undertakings, management companies and managers of alternative investment funds.
The training held on 4 August 2021 was attended by 138 representatives and employees of a total of 75 pension insurance companies, insurers and insurance intermediaries.
The purpose of the seminars is to further the understanding of the representatives of the non-banking financial sector of the importance of compliance with the requirements of preventive legislation and their key role in maintaining the stability of the financial sector and assisting the competent authorities in preventing and detecting money laundering and terrorist financing activities.
Рortfolio transfer from „TT Club Mutual Insurance Limited” to “UK P&I Club N.V.“.
The Financial Supervision Commission (FSC) has been notified by the competent authority of United Kingdom of the forthcoming portfolio transfer from insurance undertaking „TT Club Mutual Insurance Limited” (with head office in the United Kingdom) to “UK P&I Club N.V.“ (with head office in the Netherlands). After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of United Kingdom on granting consent for the transfer of the insurance portfolio from „TT Club Mutual Insurance Limited” to “UK P&I Club N.V.“. The transferred portfolio contains insurance policies issued before the end of the transitional period on 31st December 2020.
After the insurance portfolio transfer only insurance undertaking “UK P&I Club N.V.“ will continue to operate on the territory of the Republic of Bulgaria under the conditions of the freedom to provide services.
List of the non-licensed investment intermediaries by FSC
You can find the list of the non-licensed Investment intermediaries in the attached file – 30.07.2021
List of the non-licensed investment intermediaries by FSC
You can find the list of the non-licensed Investment intermediaries in the attached file – 30.07.2021
Владимир Савов, заместник-председател на Комисия за финансов надзор, ръководещ управление „Застрахователен надзор“ взе участие в предаването Money.bg
Заместник-председателят на Комисия за финансов надзор, ръководещ управление „Застрахователен надзор“ взе участие в предаването Money.bg по телевизия Bulgaria On Air. В интервюто Владимир Савов отбеляза, че има положителни тенденции, както в общото застраховане, така и в животозастраховането. Според него, застрахователите бързо са успели да приспособят cвoятa дeйнocт ĸъм oгpaничeниятa, които пандемията наложи. „Дигитализацията в застраховането е нещо, което ще се развива и в бъдеще“, каза още г-н Савов.
Повече за темите, които той обсъди в предаването може да видите тук.
КФН организира онлайн среща по повод влизането в сила на нова нормативна уредба за пруденциалния надзор върху инвестиционните посредници
Днес, 28 юли 2021 г., Комисията за финансов надзор организира онлайн среща с представители от всички инвестиционни посредници по повод влизането в сила на нова нормативна уредба за пруденциалния надзор върху инвестиционните посредници и с цел улесняване привеждането на дейността на инвестиционните посредници в съответствие с приложимите изисквания. Темата на срещата предизвика голям интерес като в нея взеха участие над 100 представители на бизнеса.
В хода на срещата експертите на КФН представиха общата законодателна рамка за пруденциалния надзор върху инвестиционните посредници и осигуриха възможност за дискусия по конкретни въпроси за нейното практическо прилагане.
На срещата беше уточнено, че новата нормативна уредба е в голяма степен съобразена с характерния бизнес модел на инвестиционните посредници и беше поставен акцент върху промяната в подхода на прилагане на изискванията за капиталовата адекватност и ликвидност на консолидирано ниво спрямо приложимото към момента законодателство.
На онлайн срещата бяха разгледани следните теми:
- категориите инвестиционни посредници по новия пруденциален режим;
- собствения капитал;
- капиталовите изисквания;
- изискванията за ликвидността;
- оповестяванията от инвестиционните посредници;
- отчитането към компетентните органи и Европейския банков орган, включително нови бизнес и технически формати;
- изискванията спрямо възнагражденията.
Срещата се проведе при разбирането, че новата законодателна рамка ще има сериозен практически ефект върху дейността на инвестиционните посредници, съответно доброто ѝ познаване ще даде възможността за правилното ѝ прилагане и ще допринесе за поддържане на финансовата стабилност на сектора, по-високо ниво на защита на инвеститорите, както и до повишаване ефективността на пазара на ценни книжа като цяло.
Презентацията от срещата можете да намерите по-долу.
Презентацията от срещата можете да намерите по-долу.
Vladimir Savov – Deputy Chairperson of the Financial Supervision Commission, Head of the Insurance Supervision Department, took part in the Money.bg program
The Deputy Chairperson of the Financial Supervision Commission, Head of the Insurance Supervision Department, took part in the program Money.bg on Bulgaria On Air TV. In the interview, Vladimir Savov noted that there are positive trends in both non-life and life insurance. In his opinion, insurers have quickly managed to adapt their activities to the restrictions imposed by the pandemic. “Digitalization in insurance is something that will continue to develop in the future,” said Mr. Savov.