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Representatives of the Association of Bulgarian Insurers (ABZ), led by Chair of the Management Board Nikolay Stanchev, held a working meeting with Maria Luís Albuquerque, European Commissioner for Financial Services and the Savings and Investments Union, during her official visit to Bulgaria. Also taking part on behalf of ABZ were Management Board members Selin Bolar, Veselin Angelov, Assoc. Prof. Dr. Rumen Yerusalimov, and Secretary General Nina Kolchakova.
The meeting was held as part of Commissioner Albuquerque’s official visit to Bulgaria, which aimed to present one of the European Commission’s flagship initiatives – the Savings and Investments Union (SIU). The initiative seeks to channel household savings in the EU towards productive long-term investments, thereby enhancing the efficiency and competitiveness of the European economy.
Commissioner Albuquerque emphasized that the successful implementation of the initiative will require broad support from national institutions and business organizations, expressing hope for the active engagement of Bulgarian stakeholders given the long-term benefits of the project for citizens and the economy. She outlined the European Commission’s vision for building a more effective and accessible financial ecosystem and noted that new regulations are being developed to facilitate insurers’ investments in alternative assets.
Mr. Stanchev presented in brief the Bulgarian insurance market, where most companies are classified as small and medium-sized enterprises by European standards. He highlighted the importance of carefully assessing the impact that EU regulatory initiatives may have on smaller markets. Special emphasis was placed on the need for proportionality principle so that the regulations do not lead to adverse effects on the affordability and accessibility of insurance services. As an example, it was pointed out that some of the proposed requirements under the Retail Investment Strategy, related to the distribution of life insurance products, could be challenging to implement in the national context.
In response, Commissioner Albuquerque reaffirmed the European Commission’s commitment to promoting the use of long-term savings and investment instruments by citizens, including life insurance products, through recommendations for the introduction of tax incentives. At the same time, she emphasized that tax policy falls entirely within the competence of the Member States. The ABZ representatives noted that the association is currently preparing a package of proposals to update the existing tax incentives related to life insurance in Bulgaria, which have not been revised since 2002 and no longer reflect current economic conditions and consumer needs.
The discussion also touched on the draft Regulation on Access to Financial Data (FIDA), which is part of the European Commission’s efforts to establish a framework for data sharing in the financial sector. The ABZ representatives emphasized that the Bulgarian insurance industry supports policies encouraging digital solutions that improve process efficiency, reduce costs, and—most importantly—bring insurers closer to their customers while enhancing the overall customer experience. At the same time, they noted that the level of digitalization in the Bulgarian insurance sector still lags behind the EU average, largely due to a regulatory framework that has not yet been sufficiently aligned with the ongoing digital transformation. This further complicates the sector’s adaptation to new requirements. Among the main challenges mentioned were the significant investments that the implementation of the regulation would require, the difficulties in data standardization in insurance compared to other financial sectors, and the serious challenges related to data security.
Commissioner Albuquerque noted that digitalization is already a reality and Europe should seize the opportunities it offers. She emphasized the need to build a functioning and competitive European framework for financial data sharing in a timely manner, to ensure that consumers have quick and easy access to comparable information on financial services, including insurance.
At the end of the meeting, ABZ reaffirmed its commitment and readiness to be an active partner in the discussion and implementation of the European Commission’s initiatives, while continuing to advocate for balanced solutions that take national specificities into account and foster the sustainable development of the insurance sector in Bulgaria. “At ABZ, we believe that constructive dialogue with European institutions is the key to regulations that both protect consumers and support the sustainable development of the sector,” said ABZ Chair Nikolay Stanchev.
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