In an interview for ABZ’s monthly bulletin, Vasil Golemanski, Chairperson of the Financial Supervision Commission (FSC), outlined his vision for a strong and sustainable insurance sector that serves both people and businesses. He emphasized FSC’s dual role – not only as a supervisory authority but also as an active partner in building a stable, innovative, and consumer-oriented financial environment. His key priorities include digitalization of supervision, reducing unnecessary administrative burdens, and fostering constructive dialogue with the industry.
Mr. Golemanski highlighted that regulatory processes are evolving dynamically, shaped by EU initiatives, climate challenges, and the digitalization of financial services. In this context, FSC pursues a balanced and proportionate approach that ensures effective market functioning while safeguarding consumer rights and maintaining stability. Strategic cooperation with insurers is seen as essential to address risks linked to solvency, technical reserves, transparency in product design, and resilience to climate change.
The FSC chair pointed to upcoming regulatory work, including implementation of EU requirements on recovery and resolution frameworks for insurers, adjustments under Solvency II, and new measures relating to proportionality, long-term guarantees, and sustainability risks. He stressed that these reforms must be introduced in close partnership with the insurance community to ensure practical, effective application. In parallel, FSC is working with European peers to strengthen Bulgaria’s competitive standing, advance digitalization, improve supervisory efficiency, and reinforce consumer protection.
According to Mr. Golemanski, addressing the low penetration of property and catastrophe insurance is among the sector’s most pressing challenges, particularly in the face of intensifying climate risks. He underscored the need for joint solutions across regulators, insurers, governments, and consumers to reduce protection gaps, build financial resilience, and strengthen public trust. Finally, he emphasized that raising insurance literacy is a long-term goal that requires joint commitment from supervisors, ABZ, insurers, educators, and the media – because “trust remains the most valuable asset in insurance.”
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