Bulgaria Insurance Industry – Governance, Risk and Compliance

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

Bulgaria Insurance Industry Regulation Overview

The Financial Supervisory Commission (FSC) acts as the regulator of the Bulgaria insurance industry while the International Association of Insurance Supervisors (IAIS), the European Insurance and Occupational Pensions Authority (EIOPA), and the Federation of European Risk Management Associations (FERMA) acts as the other supervisor. The Bulgaria Insurance Industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.

Key Regulators ·       Financial Supervisory Commission (FSC)

·       International Association of Insurance Supervisors (IAIS)

·       European Insurance and Occupational Pensions Authority (EIOPA)

·       Federation of European Risk Management Associations (FERMA)

Compulsory Insurances ·       Motor Third-Party Liability Insurance

·       Aviation Liability Insurance

·       Marine Liability Insurance

·       Professional Indemnity Insurance

·       Social Security Insurance

Key Taxes ·       Tax on Insurance Premium

·       Corporate Income Tax

·       Corporate Capital Gains Tax

·       Value Added Tax

Enquire & Decide Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.

Bulgaria Insurance Industry – Key Regulators and Legislation

Financial Supervisory Commission (FSC): The Bulgarian insurance industry is supervised and regulated by the FSC, established in March 2003. It is an institution that is independent of the parliament and reports to the National Assembly of Bulgaria. It is a specialized government body for the regulation and control of different segments of the financial system, including the insurance industry.

International Association of Insurance Supervisors (IAIS): The IAIS, established in 1994, is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in over 140 countries.

European Insurance and Occupational Pensions Authority (EIOPA): The EIOPA, which is a part of the European System of Financial Supervision, is an independent advisory body to the European Parliament and the Council of the European Union. The main responsibilities of EIOPA are to support the financial system’s stability, the transparency of markets and financial products, and the protection of insurance policyholders, pension scheme members, and beneficiaries.

The key laws and regulations governing the Bulgarian insurance industry are:

  • Insurance Code 2015
  • Health Insurance Act, 1998
  • Merchant Shipping Code 2002
  • Medicinal Products in Human Medicine Act

Buy the Full Report for More Key Regulatory Insights into the Bulgaria Insurance Industry Analysis

Download A Free Report Sample

Bulgaria Insurance Industry - Compulsory Insurance

A few of the key compulsory insurance required within the Bulgaria insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.

Article 493 of the Insurance Code 2015 states that motor third-party liability insurance is compulsory in Bulgaria. It provides coverage for the third-party liabilities of the insured for material and non-material damages caused by them to third parties as a result of the use of a motor vehicle for which the insured is liable.

Bulgaria Insurance Industry Analysis by Compulsory Insurances

Bulgaria Insurance Industry Analysis by Compulsory Insurances

Buy the Full Report for More Compulsory Insurance Insights into the Bulgaria Insurance Industry
Download A Free Report Sample

Bulgaria Insurance Industry - Company Registration and Operation

Article 31 of the Insurance Code 2015 stipulates that to issue a license to a joint-stock company to perform insurance and reinsurance activity, an application should be submitted to the FSC. Furthermore, Article 25 of the Insurance Code 2015 states that a joint-stock insurance company may pursue reinsurance business for the insurance classes, as well as the respective risks for which it has received an insurance authorization. Reinsurers must not pursue the insurance business.

Buy the Full Report to Learn More about Company Registration and Operation in the Bulgaria Insurance Industry
Download A Free Report Sample

Bulgaria Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Bulgaria. The other taxes imposed in the Bulgaria insurance industry are corporate income tax, corporate capital gains tax, and value-added tax.

Corporate income tax rate: The National Revenue Agency (NRA) administers and supervises taxation in Bulgaria following the provisions of the Corporate Income Tax Act, VAT Act, Social Security Code, Health Insurance Act, Local Taxes and Changes Act, and Insurance Premium Tax Act. Companies and partnerships established under Bulgarian law and the permanent establishment of non-resident entities in Bulgaria are subject to corporate income tax. Resident companies are taxed on their worldwide income while non-residents are taxed on their Bulgarian-sourced income. Branches are taxed at the same rate as subsidiaries.

Buy the Full Report to Learn More about Taxation in the Bulgaria Insurance Industry

Download A Free Report Sample

Scope

The report provides:

  • Details of the insurance regulatory framework in Bulgaria.
  • Details of the rules and regulations governing insurance products and insurance entities.
  • Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
  • Analysis of the rules and regulations of the establishment and operation of insurance businesses in the country.
  • Details of the taxation imposed on insurance products and insurance companies.

Key Highlights

  • The Bulgarian insurance industry is regulated by the FSC.
  • Placement of non-admitted insurance or reinsurance contracts is not permitted in Bulgaria, except for non-admitted insurance and reinsurance contracts issued by insurance companies from other EU or EEA Member States.
  • Key classes of compulsory insurance include motor third-party liability insurance and personal accident insurance for passengers in public transport.
  • Composite insurance is not permitted in Bulgaria.

Reasons to Buy

  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Gain insights into the insurance regulatory framework in Bulgaria.
  • Track the latest regulatory changes, and expected changes impacting the Bulgaria insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices about various types of insurance products.

Table of Contents

Bulgaria

Legislation Overview

Supervision and Control

Legislation

Compulsory Insurance

Non-Admitted Insurance Regulations

Company Registration and Operation

License

Foreign Direct Investment / Ownership

Minimum Capital Requirements

Solvency Margins

Reserve Requirements

Statutory Return Requirements

Fee Structure

Taxation

Tax on Insurance Premium

Corporate Income Tax

Corporate Capital Gains Tax

Value Added Tax

Legal System

Policy Practice

About GlobalData

Contact Us

Table

Bulgaria – Corporate Tax Rates for the Financial Year 2024

Figures

List of Tables

Bulgaria – Corporate Tax Rates for the Financial Year 2021

Frequently asked questions

Bulgaria Insurance Industry – Governance, Risk and Compliance standard reports
Currency USD
$950

Can be used by individual purchaser only

$1,900

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Bulgaria Insurance Industry – Governance, Risk and Compliance was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying
testimonial-image
testimonial-image
testimonial-image
testimonial-image
testimonial-image
testimonial-image
testimonial-image

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS

Related reports

View more Insurance reports
Financial Services
New
France Life Insurance Market Size and Trends by Line of…
$3,999 | June 2024
Financial Services
New
Wealth Management Trends and Themes in 2024
$5,250 | May 2024
Financial Services
New
Peru Insurance Industry - Key Trends and Opportunities to 2028
$1,450 | May 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Bulgaria Insurance Industry – Governance, Risk and Compliance in real time.

  • Access a live Bulgaria Insurance Industry – Governance, Risk and Compliance dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.