The Financial Supervision Commission has sent notification about its consent for the partial portfolio transfer from “ONVZ Aanvullende Verzekering N.V.“ to „OOM Global Care N.V.“

 

The Financial Supervision Commission (FSC) has been notified by the competent authority of Netherlands (De Nederlandsche Bank) of the forthcoming partial portfolio transfer from the insurance undertaking “ONVZ Aanvullende Verzekering N.V.“ to „OOM Global Care 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 the Netherlands on granting consent for the transfer of the partial insurance portfolio from the “ONVZ Aanvullende Verzekering N.V.“ to „OOM Global Care N.V.“
After the partial insurance portfolio transfer insurance undertakings “ONVZ Aanvullende Verzekering N.V.“ and „OOM Global Care N.V.“ will continue to operate on the territory of the Republic of Bulgaria under the conditions of the freedom to provide services.

The Financial Supervision Commission has sent notification about its consent for the partial portfolio transfer from “ONVZ Aanvullende Verzekering N.V.“ to „OOM Global Care N.V.“


The Financial Supervision Commission (FSC) has been notified by the competent authority of Netherlands (De Nederlandsche Bank) of the forthcoming partial portfolio transfer from the insurance undertaking “ONVZ Aanvullende Verzekering N.V.“ to „OOM Global Care 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 the Netherlands on granting consent for the transfer of the partial insurance portfolio from the “ONVZ Aanvullende Verzekering N.V.“ to „OOM Global Care N.V.“

After the partial insurance portfolio transfer insurance undertakings “ONVZ Aanvullende Verzekering N.V.“ and „OOM Global Care N.V.“ will continue to operate on the territory of the Republic of Bulgaria under the conditions of the freedom to provide services.

The Financial Supervision Commission has sent notification about its consent for the insurance portfolio transfer by „Westfälische Provinzial Versicherung Aktiengesellschaft“ to „Provinzial Rheinland Versicherung Aktiengesellschaft“


The Financial Supervision Commission (FSC) has been notified by the competent authority of the Germany of the forthcoming insurance portfolio transfer by „Westfälische Provinzial Versicherung Aktiengesellschaft“ to „Provinzial Rheinland Versicherung Aktiengesellschaft“. After reviewing the documents, the FSC decided to send a letter to the national competent authority of Germany on granting consent for the merger by „Westfälische Provinzial Versicherung Aktiengesellschaft“ to „Provinzial Rheinland Versicherung Aktiengesellschaft“.

The Financial Supervision Commission has sent notification about its consent for the cross-border insurance portfolio transfer by “Credit Agricole Risk Insurance” S.A. to “Pacifica” S.A


    The Financial Supervision Commission (FSC) has been notified by the competent authority of the Luxembourg of the forthcoming cross-border insurance portfolio transfer by “Credit Agricole Risk Insurance” S.A. to “Pacifica” S.A. After reviewing the documents, the FSC decided to send a letter to the national competent authority of the Luxembourg on granting consent for the cross-border merger by “Credit Agricole Risk Insurance” S.A. to “Pacifica” S.A.

The Financial Supervision Commission has sent notification about its consent for the cross-border insurance portfolio transfer by “Credit Agricole Risk Insurance” S.A. to “Pacifica” S.A


    The Financial Supervision Commission (FSC) has been notified by the competent authority of the Luxembourg of the forthcoming cross-border insurance portfolio transfer by “Credit Agricole Risk Insurance” S.A. to “Pacifica” S.A. After reviewing the documents, the FSC decided to send a letter to the national competent authority of the Luxembourg on granting consent for the cross-border merger by “Credit Agricole Risk Insurance” S.A. to “Pacifica” S.A.

The Financial Supervision Commission has sent notification about its agreement for the portfolio transfer from „Steamship Mutual Underwriting Association Limited“ to the „Steamship Mutual Underwriting Association (Europe) Ltd“


The Financial Supervision Commission has been notified by the competent authority of the United Kingdom (Prudential Regulation Authority) of the forthcoming transfer of an insurance portfolio from the „Steamship Mutual Underwriting Association Limited“ (with head office in the United Kingdom) to „Steamship Mutual Underwriting Association (Europe). Ltd.” (with head office in Cyprus). After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of the United Kingdom on granting consent for the transfer of the insurance portfolio from the „Steamship Mutual Underwriting Association Limited“ to the „Steamship Mutual Underwriting Association (Europe) Ltd“.

The Financial Supervision Commission has sent notification about its agreement for the portfolio transfer from „Steamship Mutual Underwriting Association Limited“ to the „Steamship Mutual Underwriting Association (Europe) Ltd“


The Financial Supervision Commission has been notified by the competent authority of the United Kingdom (Prudential Regulation Authority) of the forthcoming transfer of an insurance portfolio from the „Steamship Mutual Underwriting Association Limited“ (with head office in the United Kingdom) to „Steamship Mutual Underwriting Association (Europe). Ltd.” (with head office in Cyprus). After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of the United Kingdom on granting consent for the transfer of the insurance portfolio from the „Steamship Mutual Underwriting Association Limited“ to the „Steamship Mutual Underwriting Association (Europe) Ltd“.

The Financial Supervision Commission has been notified on a portfolio transfer from Chevanstell Limited to R and Q Insurance (Malta) Limited

The Financial Supervision Commission (FSC) notifies all parties concerned that on 10th September, 2013 the competent authority of the United Kingdom (Prudential Regulation Authority) has informed about the intention of Chevanstell Limited (transferring insurer) to transfer all of its non-life insurance business to R&Q Insurance (Malta) Limited (transferee).

FSC has not been notified on the intention of the transferee to operate on the territory of the Republic of Bulgaria under the right of establishment or the freedom to provide services.

The Financial Supervision Commission has been notified about opened winding-up proceedings and revoked licence of the insurance undertaking “AIGAION Insurance Company SA”


In accordance with Article 624, Para. 2 of the Code on Insurance the Financial Supervision Commission informs all interested parties that with Decision 261/1/23.2.2018 and Decision № 261/2/23.2.2018 the competent authority of Greece (Bank of Greece):

– revoked the licence of the insurance undertaking “AIGAION Insurance Company SA”;
– prohibited free disposal of all assets of the undertaking;
– opened winding-up proceedings;
– appointed Ms Evangelia Parisi, chartered accountant, as liquidator.

In 2015 “AIGAION Insurance Company SA” set itself under run-off, thereafter operating under the transitional arrangements of Directive 2009/138/EC regarding the compliance with the Minimum Capital Requirement (MCR) and Solvency Capital Requirement (SCR). The insurance undertaking achieved compliance with the MCR but did not cover the SCR. On 15 February 2018 the Board of Directors of the undertaking decided to waive attempts to cover the SCR and requested revocation of licence and opening of winding-up proceedings.

The Financial Supervision Commission has adopted a Strategy for Monitoring Financial Innovations in the Non-Banking Financial Sector for the Period 2021-2024.

“Against the background of rapid development of digital technologies and their application in financial services, the Financial Supervision Commission adopted a Strategy for Monitoring Financial Innovations in the Non-Banking Financial Sector for the period 2021-2024. It is also a logical response to the growing need for an adequate legal framework, as well as a basis for building a stable financial environment.“- said in the presentation of the Strategy Boyko Atanasov, Chairman of the FSC.

In the adopted Strategy, the Financial Supervision Commission focuses on four main objectives to address: analysis of the need to introduce requirements for licensing or registration regime of persons offering innovative financial products and / or services and technologies to the non-banking financial sector, as well as development of specific requirements, analysis of the need for regulatory framework for outsourcing services, incl. cloud services and taking appropriate regulatory measures to ensure security, stability of the financial services market and protection of consumers of financial services, development of the existing innovation hub and last but not least monitoring the development of sandbox regimes and outlining follow-up with its possible implementation by the regulator.

According to Mr. Boyko Atanasov, Chairman of the FSC, the Strategy for Monitoring the Financial Innovations of the FSC for the period 2021-2024 continues, but also builds on the tradition of the previous strategy, outlining in the long run the directions in which the FSC would be committed to developing its supervisory activities and seeking the harmonization of national regulatory frameworks and practices in the field of financial innovation at European Union level.