Regulatory Alerts2016-12-23
Ordinance No. 53 of 23.12.2016 on Requirements for Accounting, Asset and Liability Valuation, and Technical Reserves of Insurers, Reinsurers, and the Guarantee Fund
The Commission for Financial Supervision issues Ordinance No. 53 to establish detailed requirements for the accounting, asset and liability valuation, and technical reserve formation of insurers, reinsurers, and the Guarantee Fund in Bulgaria. The regulation mandates strict data quality standards, including completeness, suitability, and validation processes, to ensure accurate calculation of reserves for solvency supervision and mandatory accounting. It further specifies the electronic submission formats, digital signature requirements, and adherence to European Supervisory Authorities' guidelines for regulatory reporting.
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