In connection with periodically appearing materials in the media space concerning the activities of the Financial Supervision Commission and, more specifically, the field of insurance supervision, the Association of Bulgarian Insurers (ABZ) expresses the following position:
ABZ, as the representative association of the insurance sector in Bulgaria, consistently upholds the position that effective, independent, and professional regulatory supervision is a fundamental prerequisite for the stability, transparency, and sustainable development of the insurance market. The role of the Financial Supervision Commission (FSC) is of key importance both for ensuring compliance with the regulatory framework and for protecting the rights and interests of users of insurance services. An essential element of the FSC’s activities is the ongoing supervision of the financial stability of both the insurance market as a whole and each insurance undertaking individually, including through systematic monitoring of the adequacy of insurance premiums in view of companies’ ability to meet their obligations to insured persons.
In this context, ABZ notes that the leadership of the Financial Supervision Commission elected eight months ago, represented by the Chair and the Deputy Chair heading the “Insurance Supervision” directorate, is pursuing policies based on a professional, consistent, and principled regulatory approach, as well as on open and constructive dialogue with the insurance sector and other stakeholders. It is precisely the consistent application of this approach across all key aspects of supervisory activity, including with regard to financial and pricing sustainability and insurance risk management, that ABZ considers a necessary foundation for a stable and predictable insurance market.
As a result of this approach, tangible progress has been achieved within a short period on a number of issues important to the sector that had been postponed for years, related to the regulatory framework, supervisory practice, and interaction between the regulator and the market. In this regard, ABZ expresses its support for the leadership of the Financial Supervision Commission and its readiness to continue constructive cooperation in the interest of the stability of the insurance market and the effective protection of the interests of our consumers.
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