The “Date of Introduction of the Euro” in the Republic of Bulgaria shall be the date established in the Council of the European Union’s Decision on the adoption of the euro by the Republic of Bulgaria, adopted pursuant to Article 140(2) of the Treaty on the Functioning of the European Union (hereinafter “the Euro Adoption Decision”), and the Council Regulation adopted pursuant to Article 140(3) of the same Treaty. As of this date, the euro shall become the official currency and legal tender of the Republic of Bulgaria.
To support insurance service users and ensure a smooth, transparent, and comprehensible transition to the euro, this Notice provides information on the rules that insurers will follow when converting monetary values from Bulgarian leva to euro in documents provided to consumers.
1. Conversion
Upon the euro becoming the official currency of the Republic of Bulgaria, insurers will convert all monetary values expressed in Bulgarian leva—including insurance premiums and other related amounts—into euro. This process is referred to as the conversion.
Insurers shall apply the official conversion rate from the lev to the euro as set out in the Euro Adoption Decision. The amount in leva shall be divided by the full six-digit numerical value of the official rate. The resulting amount shall then be rounded to two decimal places using the following rules:
Importantly, the conversion of monetary values from leva to euro must not result in consumers being placed at a financial disadvantage compared to a situation where the euro had not been introduced. This means the conversion itself shall not lead to any increase in the prices of insurance services.
Consumers who have or had an insurance relationship with a given insurer on the Date of Introduction of the Euro are entitled to request, within one year of that date, information on the monetary values of their rights and/or obligations in leva. Insurers must provide this information free of charge within 7 days of receiving the request.
2. Dual Display of Prices in Leva and Euro
The dual price display period beginя on 8 August 2025 and endя on 8 August 2026. During this period insurers shall apply dual price display—showing amounts in both euro and leva.
During this period, insurers are required to display the following in both currencies:
If insurers apply tariffs for services other than the conclusion of insurance contracts, they must also display the total price of these services in both currencies during the dual display period. This information must be available:
Dual display is mandatory only for price-related information intended for and provided to consumers.
It does not apply to taxes, fees, contributions to the Guarantee Fund, or other monetary amounts that:
Whenever dual display is applied, the amounts in euro and leva must be presented:
During the dual display period, the total amount due must also appear in both currencies on receipts or other payment documents, alongside the official exchange rate.
In audio or video advertisements for insurance services during the dual display period:
Note: Conversion and dual display obligations do not apply to insurance products developed and offered directly in euro or in a third currency.
3. Dual (Simultaneous) Circulation of Leva and Euro
For a one-month period following the euro’s introduction, both leva and euro banknotes and coins will be legal tender in the Republic of Bulgaria. This is known as the dual circulation period.
During this time:
If a consumer cancels an insurance contract during this period (in accordance with applicable legal rights) and is entitled to a refund:
4. Legal Basis and Sector-wide Application
The rules set out in this Notice are based on the Law on the Introduction of the Euro in the Republic of Bulgaria, have been coordinated with the Financial Supervision Commission, and have been adopted by the Association of Bulgarian Insurers (ABI) for uniform application by all its members.
List of Participating Insurance Companies:
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