Bulgaria Insurance Industry – Governance, Risk and Compliance

Bulgaria Insurance Industry Regulation Overview

The Financial Supervision Commission (FSC) acts as the regulator of the Bulgaria insurance industry while the International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), and Federation of European Risk Management Associations (FERMA) act as the other supervisors. 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.

Bulgaria Insurance Industry – Key Regulators and Legislation

Financial Supervision Commission: The Bulgarian insurance industry is supervised and regulated by the FSC is independent from the parliament and reports to the National Assembly of Bulgaria. It is a specialized government that regulates and controls different segments of the financial system, including the insurance industry.

International Association of Insurance Supervisors: The IAIS is a membership-driven global organization representing insurance regulators and supervisors of over 200 jurisdictions in over 140 countries.

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

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Bulgaria Insurance Industry - Compulsory Insurance

Some of the key compulsory insurances required within the Bulgaria insurance industry are:

• Motor Third-Party Liability Insurance
• Aviation Liability Insurance
• Marine Liability Insurance
• Professional Indemnity Insurance
• Social Security Insurance

Bulgaria Insurance Industry Analysis by Compulsory Insurances

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Bulgaria Insurance Industry - Company Registration and Operation

A license is required to operate in the Bulgaria insurance industry. Article 31 of the Insurance Code 2015 stipulates that for a joint-stock company to obtain a license for performing insurance and reinsurance activities, an application should be submitted to the FSC. Article 219 of the Insurance Code states that insurance and reinsurance intermediaries domiciled in Bulgaria must get their registration from the Deputy Chairperson who shall exercise ongoing supervision over the activities.

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Bulgaria Insurance Industry – Taxation

Tax is imposed upon insurance premium within the insurance industry in Bulgaria. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.

Corporate Income Tax: The National Revenue Agency (NRA) administers and supervises taxation in Bulgaria in accordance with 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.

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Scope

This 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 pertaining to the country’s insurance regulatory framework
• Analysis of the rules and regulations pertaining to 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 Bulgarian 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 pertaining to various types of insurance products.