The Commission launches new educational program for students “Nonbanking financial sector in Bulgaria” (April 5 – 9) with the cooperation of the Ministry of Education and Science. Twelve students from all over the country will attend the program.
The Commission has adopted guidelines and practices in relation to the distribution of insurance products
The Financial Supervision Commission notifies all insurance intermediaries that with a decision of a meeting of the FSC held on 23.02.2021, the following have been adopted:
1. Guidelines regarding the interpretation and application of Art. 292, para. 2 and 3, Art. 304, para. 2 and 3, Art. 316, para. 1, Art. 317, para. 3 and Art. 321b, para. 2 of the Insurance Code in connection with the provision, documentation and reporting of continuing professional training and development of distributors of insurance products, which were accepted in connection with numerous inquiries received by the Insurance Supervision Department from distributors of insurance products regarding documentation and reporting of continuing professional training and development of distributors of insurance products in accordance with the Insurance Code and with a view to unifying the procedure and manner of provision, documentation and reporting of continuing training.
2. Guidelines regarding the interpretation and application of Art. 290, para. 2 and 3 of the Insurance Code in relation to the handling of complaints from users of insurance services by insurance intermediaries, in accordance with the Guidelines on complaints handling by insurance intermediaries (EIOPA-BoS-13/164 EN) issued by the European Insurance and Occupational Pensions Authority (EIOPA). The Financial Supervision Commission (FSC) has adopted a decision of 14.07.2014 that it intends to comply with the above guidelines. At the time of the decision, the repealed Insurance Code does not contain provisions that would allow the FSC to take action to implement the guidelines. The current IC contains the provision of Art. 290, which regulates complaints handling by insurance intermediaries. This provision contains general regulations, and the provision of Art. 9, para. 4 of the IC allows the FSC to adopt guidelines in connection with the application of the requirements of the EIOPA guidelines.
3. Practice regarding the establishment of facts and circumstances during on-site inspections of insurance intermediaries, adopted in view of the need to disclose the checklists used by the FSC to establish circumstances during on-site inspections of intermediaries; these lists will be publicly available to the supervised entities – insurance brokers, insurance agents and intermediaries offering insurance products as an ancillary activity.
The Commission approved prospectus for secondary public offering of bonds issued by Texim AD, Sofia. The bonds issue has the following characteristics:
Issuer: Texim AD
Type of securities: ordinary, registered, dematerialized, fully transferable, interest – bearing, secured bonds
Size of the issue: 2 000 bonds
Nominal value: Euro 1000 per bond
Annual interest rate: 7 %
Term to maturity: 36 months
Payments: 6 payments
The Commission approved prospectus for secondary public offering of bonds issued by „Runo-Kazanlak“ AD
The bonds issue has the following characteristics :
Issuer : „Runo-Kazanlak“ ADType of securities: ordinary, interest – bearing, registered, dematerialized, fully transferable corporative bonds Size of the issue: 10 000 bondsNominal value: Euro 1000 per bondAnnual interest rate : 6 months EURIBOR + 4.4% Term to maturity : 84 months Payments : every 6 months
The Commission approved prospectus for secondary public offering of bonds issued by „ProCredit Bank“ AD, Sofia. The bonds issue has the following characteristics:
Issuer: „ProCredit Bank“ AD, Sofia
Type of securities: ordinary, interest – bearing, registered, dematerialized, fully transferable, unsecured bonds
Size of the issue: 5 000 bonds
Nominal value: Euro 1000 per bond
Annual interest rate: 6.45 %
Term to maturity: 36 months
Payments: 6 payments
The Commission approved prospectus for secondary public offering of bonds issued by “Kapital Direct-1”
he bonds issue has the following characteristics :Issuer : „Kapital Direct-1“ Type of securities: secured, registered, dematerialized, interest – bearing, corporate bonds Size of the issue: 2 600 bondsNominal value: Euro 1000 per bond Annual interest rate : 1 paymentTerm to maturity : 100 months
The Commission approved a tender offer for buying shares of Sofia Mel AD
FSC approved the following tender offer :
– Company, object of the offer: Sofia Mel AD
– Offeror: Loulis Mel – Bulgaria EAD & Loulis International Enterprise(ulgaria) Limited
– Authorized investment intermediary: Elana Trading
– Offered price per share: BGN 6
The Commission approved a Draft of Ordinance on the Terms of establishing pension reserves by pension insurance companies managing universal pension fund and/or fund for supplementary voluntary pension insurance.
The Commission approved a Draft of Ordinance on the Terms of establishing pension reserves by pension insurance companies managing universal pension fund and/or fund for supplementary voluntary pension insurance.
The Draft can be found at the Commission internet site and it will be agreed with the corresponding persons and organizations.
The Commission approved a Draft of Ordinance on Licensing, Authorizations and Current Supervision
The Commission approved a Draft of Ordinance on Licensing, Authorizations and Current Supervision referred to the provisions of the Law on Insurance and the Law on Health Insurance. The draft can be found at the Commission internet site.
The Commission issued a temporary prohibition on the tender offer for buying shares of Sinergon Textile AD
The FSC issued a temporary prohibition on the following tender offer :
– Company, object of the offer: Sinergon Textile AD, Sofia
– Offeror: Sinergon Holding
– Authorized investment intermediary: Aval In