On the 15 of March 2019 the 44-th National Assembly chose Mr. Boyko Atanassov by voting for becoming Chairman of the Financial Supervision Commission (FSC).The choice was made unanimously by 134 (one hundred and thirty-four) deputies who were present.
During the sitting of the Committee on Budget and Finance which took place on the 13 of March Mr. Boyko Atanassov presented his Conception of the FSC development. The main goals which he set before the regulatory authority encompass composing of steady staff of professionals, transparent and timely communication with the public and most of all – the implementation of exquisitely strict supervision of the superintended persons in the three main areas regulated by the Commission – capital markets, insurance services sphere and market for supplementary pension insurance.
During his introduction Mr. Atanassov emphasized the utmost importance of the make-up a repute of the FSC as steady, unbiased and independent regulatory authority by means of communication campaigns and open public dialogue. The Commission will attempt to build-up communicativeness in all levels, as well as active contacts with the entrepreneurs through regular meetings and discussions.
As regards the insurance sector, Mr. Boyko Atanassov indicated that it was intended to start requiring of the Bulgarian insurers to keep adequate level of reserves through meeting the solvency capital requirements set in the legislation. Actions necessary for strengthening the compensation mechanisms of the Bulgarian insurance system will be taken too.
One of the goals pursued will be to overcome the consequences of the failure of the Cypriot insurance company Olympic, as well as those of the monitoring of the National Bureau of Bulgarian Motor Insurers.
A priority for Mr. Atanassov will be the reduction of administrative burden through enabling the digitalization of services offered by the FSC. The purpose of the institution shall be to provide rapid and qualitative services in its regulatory activity, as well as to guarantee the transparency in its supervisory one.
An accent was put on the improvement of existing and the provision of new electronic services. Apart from digitalization of services, the consumers’ protection will also be put into effect by means of financial education, trainings in various professional groups and superintended persons, and explanatory campaigns amongst the general public.
“My understanding is that preventive measures through active regulation have to be taken, instead of reacting to crisis events. I do believe that by the use of proper communication the FSC could be represented as authority which works according to its strategic plan for development based on its key criteria for success. To the most important results which I shall aspire towards belongs the transformation of our good repute into guarantee for the trust of the entrepreneurs and the supervised persons.
I declare my intention on the part of the FSC to keep on taking subsequent actions and improving its practices in relation to the implementation risk-based supervision over the non-banking financial sector. The latter presupposes early risk identification and is crucial prerequisite for the stability of the financial markets”, Mr. Atanassov said in conclusion.
After the ballot was completed, Mr. Atanassov swore oath in the presence of the deputies and expressed his gratitude for their confidence.
One of the goals pursued will be to overcome the consequences of the failure of the Cypriot insurance company Olympic, as well as those of the monitoring of the National Bureau of Bulgarian Motor Insurers.
A priority for Mr. Atanassov will be the reduction of administrative burden through enabling the digitalization of services offered by the FSC. The purpose of the institution shall be to provide rapid and qualitative services in its regulatory activity, as well as to guarantee the transparency in its supervisory one.
An accent was put on the improvement of existing and the provision of new electronic services. Apart from digitalization of services, the consumers’ protection will also be put into effect by means of financial education, trainings in various professional groups and superintended persons, and explanatory campaigns amongst the general public.
“My understanding is that preventive measures through active regulation have to be taken, instead of reacting to crisis events. I do believe that by the use of proper communication the FSC could be represented as authority which works according to its strategic plan for development based on its key criteria for success. To the most important results which I shall aspire towards belongs the transformation of our good repute into guarantee for the trust of the entrepreneurs and the supervised persons.
I declare my intention on the part of the FSC to keep on taking subsequent actions and improving its practices in relation to the implementation risk-based supervision over the non-banking financial sector. The latter presupposes early risk identification and is crucial prerequisite for the stability of the financial markets”, Mr. Atanassov said in conclusion.
After the ballot was completed, Mr. Atanassov swore oath in the presence of the deputies and expressed his gratitude for their confidence.