Regulatory Alerts2013-03-20
Decree No. 48 of 20.03.2013 on Requirements for Remuneration
The Financial Supervision Commission issued Decree No. 48 to establish principles and requirements for remuneration policies across Bulgarian insurance, reinsurance, supplementary social security, collective investment management companies, and public companies. The regulation mandates that remuneration structures promote sound risk management, align with long-term interests, and prevent excessive risk-taking by linking variable pay to performance and risk profiles. It further requires strict governance, including board approval, independent internal review, deferral mechanisms for variable compensation, and comprehensive public disclosure of remuneration practices.
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