Nikolay Stanchev, Chairman of the Association of Bulgarian Insurers (ABZ), took part in the second edition of the “Talking with the FSC” conference, held on 14 May 2026. Organized by the Financial Supervision Commission (FSC), the event focused on the future of the non-banking financial sector, regulatory developments, and the challenges facing financial stability. The forum brought together more than 350 representatives of capital market, pension, and insurance companies, institutions, professional organizations, and the media.
A special guest at the high-profile event was Petra Hielkema, Chair of the European Insurance and Occupational Pensions Authority (EIOPA). In her opening remarks, she emphasized that consumer trust is at the core of a sustainable insurance market.
The conference was opened by Vasil Golemanski, Chair of the FSC. “For us, this is not just an event. It is a platform for discussion. For the exchange of ideas. For an open dialogue between the regulator and the industry,” Golemanski stated, stressing that the FSC’s core mission is not only to act as a supervisory authority, but also as an institution that creates predictability, trust, and prospects for the development of the financial sector.
Nikolay Stanchev participated in the panel discussion “Business Speaks about the FSC,” during which participants discussed the development of the non-banking financial sector, the regulatory environment, and the interaction between the industry and the supervisory authority. In his remarks, he noted that the current FSC leadership is genuinely pursuing policies aimed at fostering more active dialogue and a willingness to work on issues of long-term importance to the development of the insurance market.
“I believe that today both the regulator and the sector share the understanding that the challenges facing the market are common and can only be successfully addressed through professional dialogue, predictability, and joint efforts,” said Nikolay Stanchev.
Among the concrete results of the improved cooperation between the FSC and the insurance sector, Nikolay Stanchev highlighted the removal of the so-called dual audit requirement through the latest amendments to the Insurance Code, as well as laying the groundwork for the development of insurer-level bonus-malus systems.
He also underlined the importance of efforts to modernize public statistics and reporting in the insurance market. According to him, ABZ has for years raised the issue of the need for more comprehensive, up-to-date, and useful statistical information — necessary both for the market and for the supervisory authority.
Nikolay Stanchev also commented that the insurance sector is increasingly adopting new technologies and digital solutions, but that the advancement of digitalization also requires a more modern regulatory framework, including amendments to the Insurance Code.
During the discussion, the Chairman of ABZ also outlined some of the key areas in which the sector and the FSC will work together in the coming years. These include the transposition of new European insurance regulations, optimization of reporting requirements, digitalization, access to public registers, and climate risks.
Participants in the discussion also addressed current issues related to the structure of the Bulgarian insurance market, the relatively low levels of property and life insurance penetration compared to European averages, climate risks, and the need for a better understanding of risk and stronger insurance and financial literacy.
“ABZ relies on dialogue with the FSC on all these issues, because we believe that sustainable solutions can only be achieved through cooperation,” said Nikolay Stanchev.
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