The main objective of the Insurance and Private Pensions Committee (IPPC, the Committee) is to promote fair, efficient, open and stable, market-oriented insurance markets and pension systems. They must be based on high levels of transparency, trust and integrity.
IPPC works to strengthen monitoring of the development of the insurance and private pension markets and their impact on economic growth and development. The Committee focuses its efforts on policy dialogue, gathering information and statistics, developing analysis and good practices, guidelines and principles for adequate policies, as well as mechanisms to promote appropriate implementation.
IPPC cooperates with the Committee on Financial Markets and with the Investment Committee, being actively informed about the activities carried out in the International Organization of Pension Supervisors (IOPS) and the International Association of Insurance Supervisors (IAIS).
IPPC promotes the implementation of OECD principles and best practices in non-member countries and provides relevant assistance.
In 2023, a fact-finding mission of IPPC was held in Sofia, during which an overview of the Bulgarian insurance sector was carried out. The mission took place at the Ministry of Finance, with the participation of representatives of the FSC, other institutions, as well as the business. At the end of 2023, Bulgaria was invited to make a presentation of the Bulgarian insurance sector at a meeting of the IPPC in Paris, and the delegation was led by Mr. Vladimir Savov, Deputy Chairperson in change of the “Insurance Supervision” Division of the FSC.
With regard to the pension review in 2023, Bulgaria made an initial presentation of the prepared self-assessments on the legal instruments for the IPPC in the field of private pensions. At the beginning of 2024, a fact-finding mission will be held in Sofia, during which a review of the pension insurance sector in Bulgaria will be carried out, after which a presentation will be made at a meeting in Paris about the review of Bulgaria’s acceptance by this Committee.
The legal instruments falling within the competences of the IPPC, which are in force at the moment, are eight in number and can be found on the official website of the OECD at the following link: