Regulatory Alerts2003-09-24
Ordinance No. 3 of 24.09.2003 on the Procedure and Method for Changing Participation and Transferring Accumulated Funds of an Insured Person from One Additional Pension Insurance Fund to Another Managed by a Different Pension Insurance Company
The Commission for Financial Supervision issued Ordinance No. 3 to regulate the procedures and requirements for insured persons to change their participation in additional pension funds and transfer accumulated funds between different pension insurance companies in Bulgaria. The ordinance mandates specific application formats, verification processes, and strict prohibitions against offering special privileges or gifts to induce fund changes. It establishes detailed timelines for processing applications, handling rejections and appeals, and executing fund transfers on a quarterly basis.
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