Regulatory Alerts2021-07-22
Regulation No. 71 of 22.07.2021 on the Requirements for the Management System of Insurers and Reinsurers
The Financial Supervision Commission issued Regulation No. 71 of 22.07.2021 to establish detailed governance and operational requirements for insurers and reinsurers in Bulgaria. The regulation mandates proportional management structures, strict separation of duties, documented decision-making, robust risk management, and business continuity plans tailored to each entity's size and complexity. It further enforces periodic system reviews, alignment with group-level policies, and timely reporting obligations to ensure financial stability and regulatory compliance.
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