Regulatory Alerts2023-08-15
Ordinance No. 71 of 22.07.2021 on the requirements to the system of governance of insurers and reinsurers
The Financial Supervision Commission of Bulgaria issued Ordinance No. 71 to establish detailed governance requirements for insurers and reinsurers operating in the Republic of Bulgaria. The regulation mandates sound management practices, including the segregation of responsibilities, documentation of significant decisions, and the implementation of robust risk management and contingency plans. It further requires periodic reviews of governance systems, adherence to specific remuneration rules, and the application of fit and proper criteria for key personnel.
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