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Bulgaria - Insurance and pensions supervision : technical note (English)

This technical note results from the Financial Sector Assessment (FSAP) conducted in the period 17 January 2017 and 1 February 2017. The note covers the activities of the Financial Supervision Commission (FSC), the state of the pension and insurance sectors and the challenges to their development. The exercise for insurance did not involve a full assessment against the Insurance Core Principles of the International Association of Insurance Supervisors. During the FSAP, meetings were held with the Chairperson, Deputy Chairpersons and senior staff of the FSC and representatives of both the pension and insurance sectors.

Details

  • Document Date

    2017/05/01

  • Document Type

    Working Paper

  • Report Number

    116498

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Bulgaria,

  • Region

    Europe and Central Asia,

  • Disclosure Date

    2017/06/20

  • Disclosure Status

    Disclosed

  • Doc Name

    Bulgaria - Insurance and pensions supervision : technical note

  • Keywords

    private pension fund;Monetary and Capital Markets;contribution rate;retirement age;fund under management;accrual rate;pension system;source of retirement income;increase in fertility rate;legal and regulatory framework;social security contribution rate;pension fund management;source of revenue;pension sector;demographic change;lack of awareness;public pension scheme;insurance supervision;insurance industry;conduct of business;asset and liability;related party transactions;number of women;insurance sector;investment portfolio;account balance;lack of resource;Catastrophe Risk Insurance;pension insurance system;payment of pension;high risk occupation;motor vehicle insurance;pension fund portfolio;lack of control;number of amendments;third party liability;implicit pension debt;remuneration of staff;bulgarian national bank;european central bank;international supervisory standard;working age people;net asset value;bank of knowledge;collective investment scheme;loss in revenue;european investment bank;types of accounts;private pension provider;return on investment;working age population;decline in fertility;births per woman;years of service;normal retirement age;Insurance and Pension;formal sector;individual coefficient;financial sanctions;replacement rate;offsite supervision;resource shortage;technical provision;early retirement;legal action;professional experience;legal protection;hazardous industry;internal structure;legal framework;governing body;employer contribution;population decline;literal interpretation;risk assessment;individual account;supervisory agency;anecdotal evidence;adequate resources;good faith;price discovery;external expert;Property insurance;insurance entity;capital increase;childbearing age;social insurance;law;additional revenue;business model;life expectancy;state fund;Investment strategies;security market;capital preservation;equity issue;investment risk;pillar benefit;population data;informed judgment;deficit spending;working life;supervisory practice;funding requirements;population pyramid;external balance;pension problem;premium price;insurance intermediary;investment limit;pension supervision;audit working;risk base;survivor benefit;supplementary pension;investment restriction;direct investment;valuation principle;Risk Transfer;reinsurance arrangement;debt security;investment regulation;debt securities;large population;increased returns;investment performance;private schemes;regulatory requirement;hazardous occupation;aggregate funds;total sample;management companies;annual return;hazardous condition;investment rule;contribution scheme;real value;unit price;increasing costs;market stress;government contribution;universal fund;future pension;stock exchange;aggregate market;capital instrument;trading volume;subordinated debt;field work;market participant;earthquake stress;financial market;enforcement regime;occupational pensions;company operating;financial viability;transparent communication;conservative investment;voluntary pension;financial service;test result;legal education;distribution channel;adverse conditions;market capitalization;equity trade;future fund;effective supervision;insurance division;compulsory insurance;transaction volume;cross subsidization;small entities;eligibility requirement;public offering;internal review;state budget;heavy industry;financial sophistication;disability pension;wage growth;economic crisis;market condition;gain control;executive branch;operational risk;prudential requirements;public system;insurance representative;price competition;distribution network;income stream;limited resources;catastrophic risk;supervisory action;material change;legal requirement;effective strategy;effective teams;insurance supervisor;judicial review;market economy;state pension;inspection activity;

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Citation

Bulgaria - Insurance and pensions supervision : technical note (English). Financial Sector Assessment Program (FSAP) Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/329651497971488036/Bulgaria-Insurance-and-pensions-supervision-technical-note