The package of reports, statements and appendices in connection with the submission to the Financial Supervision Commission of the periodic reports of the insurance brokers as of 31.12.2021, on the grounds of Art. 311, para. 3, item 2, in connection with para. 4 of the Insurance Code has been updated.

In connection with the above, the completion of the above reports and statements, and their submission through the electronic portal of the FSC, must begin after downloading the mandatory updated format (version 31.12.2021), published on the FSC website at:

www.fsc.bg, section “Administrative documents”, subsection “Forms and templates”, “Insurance market”.

IMPORTANT:

Attachments must meet the following conditions:

• The main file containing the reference package according to Appendices 2.1-2.8 and 3.1-3.4 with basic information must be in .xls format (Microsoft Excel 2003);
• The content of the main file with basic information must be filled in according to the templates approved by the Financial Supervision Commission, observing all rules for data validity (these rules are not part of this instruction and can be downloaded from the Financial Supervision Commission website) ;
• The name of the main file with basic information must be formatted according to the rules set by the Financial Supervision Commission;
• For Appendix No. 2.4, Appendix No. 2.8, Appendix No. 3.2 and Appendix No. 3.4 of the main file with basic information contained in the reference package, the Note section should indicate the country in which the insurer / reinsurer has its registered office and the territory on which the risk under the concluded insurance / reinsurance contract is located
• Appendix No. 1 shall be filled in according to the attached template contained in the reference package, the information must be in .xls format;
• The Insurance Code stipulates an obligation for insurance brokers to submit information on the ongoing professional training and development of the persons under Art. 303, para. 2 and 3 and Art. 304, para. 1 of the IC within the year. The reports shall be submitted to the Commission annually by January 31 of the following year. For this purpose, Appendix No. 3 in .xls format should be filled in, according to the attached template contained in the reference package;
• Files must be signed with a universal electronic signature in p7m or p7s format (PKCS # 7), and encryption should NOT be used when signing;
• The signature on the files must belong to the same employee who logged in the system.

The presented reports and statements of insurers and reinsurers in non-life insurance and life insurance, according to Ordinance No. 53 of 23.12.2016 and presented quarterly quantitative templates, according to Regulation (EU) 2015/2450 under Art. 304, paragraph 1, letter “d” of Regulation (EU) 2015/35 at the end of the third quarter of 2021 are summarized and published on the FSC website – www.fsc.bg, section “Insurance Activity“, “Statistics” – 2021.

As a continuation of the consistent policy pursued by the Financial Supervision Commission with regard to innovation through the new Financial Innovation Monitoring Strategy for the period 2021-2024, the FSC has started an active partnership with the Bulgarian Fintech Association (BFA) and representatives of business organizations with expressed interest in stimulating the development of financial innovations in the non-banking sector.

At a special meeting initiated by the Commission, the main lines of action were outlined and concrete steps were set out to support the development of innovative solutions in the non-banking financial sector in Bulgaria:

 Development of financial literacy of consumers of financial services and investors through the participation of experts from the Commission in master’s programs and training innovation camps with students.

 Participation of regulator representatives in local and international webinars of BFA.

 Regular meetings with fintech companies to provide feedback on the assessment of potential risks to both the market and consumers, as well as potential actions and measures to minimize the risks and maximize the benefits of growing interest in innovative financial products and / or technologies, while in compliance with regulatory requirements.

 Promoting and encouraging the use of the already operational Innovation Hub, which provides quick and easy access to information for start-ups and on issues and cases of a regulatory and legal nature.

 Research and preparation for the introduction of a regulatory Sandbox for the non-banking financial sector which will allow FinTech companies to test their products in a real and secure environment, and the supervisor to monitor this process to optimally adapt regulations to digital finance.

 Joint discussion and adaptation of the new regulatory framework for crowdfunding, which is considered as an established form of alternative financing for start-ups and SMEs. This task will be related to the supervision of a digital platform designed to connect or facilitate the connection of potential investors or lenders with companies seeking financing.

In pursuance of the Financial Innovation Monitoring Strategy for the period 2021-2024, the Financial Supervision Commission, at the invitation of the Bulgarian National Bank, took part in an organized online event by the National Bank of Lithuania on “Regulatory sandbox”. The meeting focused on sharing good practices in building innovative financial products. In order to minimize the risks and build well-functioning services in a real business environment, through the much-needed reliable and secure support from the relevant national supervisory authority.

The FSC continues to build on what has been achieved so far in terms of creating an innovation-friendly business environment, with an emphasis on the need for collaboration between regulators and business to create a developed fintech ecosystem.

The event program for 2022 builds on the achievements of the Financial Supervision Commission so far in support of fintech solutions and their entry into everyday life.