Ordinance No. 28 of 10.05.2006 on the Conditions and Procedure for Conducting Professional Qualification Exams for Insurance Brokers, Recognition of Qualifications Acquired in Member States, and Registration of Professional Training Materials

ORDINANCE No. 28 of 10.05.2006 on the Conditions and Procedure for Conducting Professional Qualification Exams for Insurance Brokers, Recognition of Qualifications Acquired in a Member State, and Registration of Materials for Professional Training (Title amended - State Gazette, No. 42 of 2019) Published - State Gazette, No. 42 of 23.05.2006; amended and supplemented, No. 42 of 28.05.2019; amended, No. 48 of 08.06.2021; supplemented, No. 65 of 08.08.2025, effective from 08.08.2025; amended and supplemented, No. 109 of 16.12.2025, effective from 16.12.2025. Issued by the Chairman of the Commission for Financial Supervision

Chapter One GENERAL PROVISIONS

Art. 1. (Amended and supplemented - State Gazette, No. 42 of 2019; amended and supplemented, No. 109 of 2025, effective from 16.12.2025.) (1) This Ordinance regulates the conditions and procedure for conducting an exam for professional qualification of a natural person who wishes to:

1. carry out activities as an insurance broker - sole trader;
2. be elected as a member of the management body of an insurance broker - legal entity, or be authorized to manage or represent an insurance broker - legal entity;
3. (amended - State Gazette, No. 42 of 2019) represent a legal entity - member of the management body of an insurance broker;
4. (new - State Gazette, No. 42 of 2019) be designated to be responsible for and manage the activity of distribution of insurance products by decision of the competent body of the broker in accordance with the law and the charter of the broker;
5. (new - State Gazette, No. 42 of 2019) hold a managerial position in an insurance broker, responsible for carrying out activities related to the distribution of insurance products.

(2) The procedure of this Ordinance also applies to the recognition of qualifications of persons under para. 1, acquired in a Member State.

(3) (New - State Gazette, No. 42 of 2019; amended and supplemented, No. 109 of 2025, effective from 16.12.2025.) This Ordinance also determines the requirements for the registration of an organization conducting professional training of persons who join an insurance broker in a position that involves direct employment in activities related to the distribution of insurance products in the register under Art. 30, para. 1, item 11 of the Law on the Commission for Financial Supervision, as well as the requirements for the training program, synopsis, procedural rules for conducting the exam, and evaluation rules.

Art. 2. (Amended and supplemented - State Gazette, No. 42 of 2019.) (1) The persons under Art. 1, para. 1 must successfully pass an exam before an exam commission determined by the Commission for Financial Supervision.

(2) The requirement for successfully passing the professional qualification exam does not apply if one of the following conditions is met:

1. (amended - State Gazette, No. 42 of 2019) the person has professional experience in the field of insurance and is: a) trained under Art. 292, para. 1 or 2 of the Insurance Code with an insurer, or b) trained under Art. 304, para. 4 of the Insurance Code, certified by a document confirming successful completion of the exam from the organization that conducted the training;
2. the person has a qualification recognized by the Commission for Financial Supervision, hereinafter referred to as "the Commission", in accordance with Chapter Three.

(3) (Amended - State Gazette, No. 42 of 2019.) Professional experience under para. 2, item 1 means at least two years of work in a managerial position or in a position directly related to the conclusion and execution of insurance contracts with an insurer, reinsurer, insurance broker, or as an insurance agent, as well as experience under Art. 83 of the Insurance Code.

Chapter Two CONDUCTING THE EXAM Section I Admission to the Exam

Art. 3. (Amended and supplemented - State Gazette, No. 42 of 2019.) (1) (Amended - State Gazette, No. 42 of 2019.) The persons under Art. 1, para. 1 submit an application for admission to the exam in the form approved by the Vice-Chairman heading the "Insurance Supervision" Directorate, hereinafter referred to as "the Vice-Chairman". The application must specify the series and number of the diploma for higher education obtained in the Republic of Bulgaria, respectively the number and date of the certificate from the National Centre for Information and Documentation for Recognition of Higher Education Diplomas issued by a foreign higher education institution, as well as an email address for correspondence with the respective person.

(2) The following documents must be attached to the application under para. 1:

1. (amended - State Gazette, No. 42 of 2019) a document certifying the circumstances under Art. 303, para. 1, item 1 of the Insurance Code - for a person who is not a Bulgarian citizen;
2. (amended - State Gazette, No. 42 of 2019) a notarized copy of a diploma for higher education obtained in the Republic of Bulgaria before 1.01.2012, respectively a legalized translation of a diploma for higher education obtained at a higher education institution outside the Republic of Bulgaria;
3. (amended - State Gazette, No. 42 of 2019) a declaration regarding the circumstances under Art. 303, para. 1, items 2 - 4 of the Insurance Code.

Art. 4. (Amended - State Gazette, No. 42 of 2019; supplemented, No. 65 of 2025, effective from 08.08.2025.) The Vice-Chairman refuses admission to the exam if:

1. (amended - State Gazette, No. 42 of 2019) the applicant does not meet the requirements under Art. 303, para. 1, items 1 - 4 of the Insurance Code or does not have higher education, or the higher education obtained at a foreign higher education institution is not recognized in accordance with the Ordinance on State Requirements for Recognition of Acquired Higher Education and Completed Periods of Study at Foreign Higher Education Institutions, adopted by Council of Ministers Decree No. 168 of 2000;
2. it is established that the applicant has submitted incorrect data or documents with false content;
3. (new - State Gazette, No. 65 of 2025, effective from 08.08.2025) the applicant has not paid the fee for admission to the exam under Ordinance No. 76 of 12.06.2025 on the fees collected by the Commission for Financial Supervision (State Gazette, No. 51 of 2025).

Art. 5. (Amended - State Gazette, No. 42 of 2019.) (1) (Amended - State Gazette, No. 42 of 2019.) The Vice-Chairman decides on the application for admission to the exam within 14 days from its submission, and if additional data and documents were requested, within 7 days from their receipt. The decision is motivated in writing and may be appealed to the Administrative Court - Sofia City in accordance with the Administrative Procedure Code.

(2) (Amended - State Gazette, No. 42 of 2019.) Applicants are notified in writing of the decision taken within 3 days from its issuance.

Section II Exam

Art. 6. (1) The Commission organizes the conduct of the professional qualification exam for the persons under Art. 1, para. 1.

(2) Persons who have been admitted to the exam in accordance with Section I have the right to take the exam.

Art. 7. (Amended - State Gazette, No. 42 of 2019.) The thematic scope of the exam includes the minimum requirements for professional knowledge and skills under Appendix No. 3 to the Insurance Code. The Commission publishes the procedure for conducting the exam and the evaluation rules no later than one month before the date of the exam on its internet page.

Art. 8. (Amended - State Gazette, No. 48 of 2021.) (1) The Commission schedules the date for conducting the exam.

(2) (Amended - State Gazette, No. 48 of 2021.) The Commission announces the date for conducting the exam on its internet page. The date for conducting the exam may also be announced in other suitable ways.

Art. 9. (Amended - State Gazette, No. 42 of 2019.) (1) The exam is written and anonymous. The method of conducting the exam is by solving a test.

(2) The exam is conducted by an exam commission consisting of an odd number of members - at least five, including one representative of industry organizations of insurers and one representative of industry organizations of insurance brokers.

(3) The Vice-Chairman notifies the industry organizations of insurers and insurance brokers at least three months before the date of conducting the exam and gives them a period of one month to submit proposals for representatives to participate in the exam commission. The representatives must meet the requirements under Art. 303, para. 1 and 2 of the Insurance Code or be habilitated lecturers in insurance or insurance law at higher education institutions that meet the requirements of Art. 303, para. 1 of the Insurance Code.

(4) If, within the period under para. 3, sentence one, the industry organizations do not propose representatives or if the proposed representatives do not meet the requirements under para. 3, sentence two, the Vice-Chairman proposes on his own initiative one representative of the industry organizations of insurers and one representative of the industry organizations of insurance brokers, who meet the requirements under para. 3, sentence two. If, within the period under para. 3, sentence one, the industry organizations propose more than one representative for the respective industry, the Vice-Chairman proposes on his own initiative a representative of the industry organizations of insurers, respectively a representative of the industry organizations of insurance brokers, from among the proposed representatives.

(5) The Commission determines the members of the exam commission such that the exam commission as a whole has the qualifications and experience to effectively evaluate the presence of professional knowledge and skills within the meaning of Appendix No. 3 to the Insurance Code.

(6) The composition of the exam commission and the procedure for its work are determined by a decision of the Commission upon proposal of the Vice-Chairman no later than six weeks before the date of conducting the exam. To prevent conflicts of interest, at least one reserve member for each main member of the composition of the exam commission is determined to participate in its work in case of grounds for disqualification. By decision, the Commission upon proposal of the Vice-Chairman may determine remuneration for the members of the exam commission who are not in employment relations with the Commission.

(7) Within two weeks before the date of conducting the exam, the exam commission submits to the Commission a draft test for its conduct.

(8) The Commission upon proposal of the Vice-Chairman approves the test within three days before the date of conducting the exam, and may introduce changes to the proposed draft.

(9) The Commission ensures conditions for maintaining the confidentiality of the test and other materials for conducting the exam and for avoiding conflict of interest.

(10) Members of the Commission, employees of its administration who participate in the procedure for approving the test, and members of the exam commission keep the information obtained regarding the test and other materials for conducting the exam as professional secrets. Members of the exam commission submit declarations of absence of conflict of interest, and members of the exam commission who are not members of the Commission or employees of its administration submit declarations also on maintaining professional secrecy.

Art. 10. (1) The results of the exam are recorded in a protocol with an assessment in accordance with the evaluation rules. The protocol is signed by all members of the exam commission. The assessments are final and not subject to review.

(2) The results of the exam are announced in accordance with Art. 8, para. 2 within 14 days from the date of conducting the exam.

(3) Within 5 working days from the announcement of the results under para. 1, persons who have not successfully passed the professional qualification exam may submit a request to the Commission to familiarize themselves with the results of the check of their written work.

(4) Persons familiarize themselves with the results of the check of their written work in person in the presence of a member of the exam commission and an official from the administration of the Commission, determined by order of the Vice-Chairman.

Section III Certificate

Art. 11. (Amended and supplemented - State Gazette, No. 42 of 2019; supplemented, No. 65 of 2025, effective from 08.08.2025.) (1) (Amended - State Gazette, No. 42 of 2019; supplemented, No. 65 of 2025, effective from 08.08.2025.) A certificate signed by the Chairman of the Commission is issued to persons who have successfully passed the professional qualification exam, after payment of the fee for issuing a certificate under Ordinance No. 76 of 12.06.2025 on the fees collected by the Commission for Financial Supervision.

(2) (Amended - State Gazette, No. 42 of 2019.) The certificate is issued on paper in the form approved by the Commission.

(3) A duplicate of the certificate is issued by the Vice-Chairman upon request of the interested person if the certificate is stolen, lost, damaged, or destroyed. Upon receiving the duplicate, the person returns the original of the certificate if it is available to them.

(4) (Amended - State Gazette, No. 42 of 2019.) The certificate loses its validity if the person to whom it was issued does not register in the register under Art. 30, para. 1, item 12 of the Law on the Commission for Financial Supervision as an insurance broker - sole trader, as a member of the management body of an insurance broker - legal entity, or as a person authorized to manage or represent it, within two years from the date of its issuance. In these cases, the person must take the professional qualification exam again in accordance with this Chapter. This circumstance is noted in the certificate.

(5) (New - State Gazette, No. 42 of 2019.) Paragraph 4 does not apply if, during the period after the issuance of the certificate, the person carried out activities in a position that involves direct employment in activities related to the distribution of insurance products and the requirement for their continuing professional training and development under Art. 292, para. 2, Art. 304, para. 2, or Art. 317, para. 3 of the Insurance Code was met.

Chapter Three RECOGNITION OF ACQUIRED QUALIFICATION

Art. 12. (Amended and supplemented - State Gazette, No. 42 of 2019.) (1) (Amended - State Gazette, No. 42 of 2019.) Persons who have acquired a qualification in a Member State that meets the requirements included in the thematic scope of the exam, certified by a document issued by a competent body of a Member State or another organization in a Member State confirming the acquired degree, diploma, or other certificate, submit an application to the Commission for recognition of the acquired qualification in the form approved by the Vice-Chairman.

(2) In addition to the documents under Art. 3, para. 2, the following must be attached to the application under para. 1:

1. a notarized copy of a document confirming the acquired degree, diploma, or other certificate;
2. information on the competent body or organization in the Member State that issued the document confirming the acquired qualification;
3. information on other data, conditions, or restrictions related to the acquired qualification, not included in the document under item 1;
4. a declaration on the truthfulness of the data indicated by the persons and that they are aware of the criminal liability for submitting incorrect data, which is borne under the Criminal Code of the Republic of Bulgaria.

(3) (Amended - State Gazette, No. 42 of 2019.) The application under para. 1 may also be submitted in the procedure for registration of the insurance broker under Art. 307 of the Insurance Code.

Art. 13. The Vice-Chairman may request other data and documents if necessary to make a decision on the recognition of the acquired qualification.

Art. 14. (Amended - State Gazette, No. 42 of 2019; supplemented, No. 65 of 2025, effective from 08.08.2025.) The Commission refuses recognition of the acquired qualification if:

1. (amended - State Gazette, No. 42 of 2019) the applicant does not meet the requirements under Art. 303, para. 1, items 1 - 4 of the Insurance Code or does not have higher education, or the higher education obtained at a foreign higher education institution is not recognized in accordance with the Ordinance on State Requirements for Recognition of Acquired Higher Education and Completed Periods of Study at Foreign Higher Education Institutions;
2. a substantial difference is established between the qualification for which recognition is requested and the requirements regarding the thematic scope of the exam for professional qualification of insurance brokers;
3. it is established that the body or organization that issued the document for the acquired qualification does not have the necessary competence to provide this qualification;
4. there is another condition or restriction due to which the acquired qualification cannot be exercised;
5. it is established that the applicant has submitted incorrect data or documents with false content;
6. (new - State Gazette, No. 65 of 2025, effective from 08.08.2025) the applicant has not paid the fee for recognition of acquired professional qualification under Ordinance No. 76 of 12.06.2025 on the fees collected by the Commission for Financial Supervision.

Art. 15. (Amended - State Gazette, No. 42 of 2019.) (1) (Amended - State Gazette, No. 42 of 2019.) The Commission decides on the application for recognition of the acquired qualification within one month from its submission, and if additional data and documents were requested - within 7 days from their receipt. The decision is motivated in writing and may be appealed regarding its legality to the Administrative Court - Sofia City in accordance with the Administrative Procedure Code.

(2) (Amended - State Gazette, No. 42 of 2019.) Applicants are notified in writing of the decision taken within 3 days from its issuance.

Art. 16. Persons to whom a qualification acquired in a Member State is recognized receive a certificate issued by the Vice-Chairman. The provisions of Art. 11 apply accordingly.

Art. 17. Persons to whom recognition of qualification was refused in accordance with this Chapter cannot reapply for recognition of the same qualification.

Chapter Four (NEW - State Gazette, No. 42 of 2019) REGISTRATION OF AN ORGANIZATION FOR CONDUCTING PROFESSIONAL TRAINING OF PERSONS WHO JOIN AN INSURANCE BROKER (Title amended - State Gazette, No. 109 of 2025, effective from 16.12.2025)

Art. 18. (New - State Gazette, No. 42 of 2019; amended, No. 109 of 2025, effective from 16.12.2025.) (1) (Amended - State Gazette, No. 109 of 2025, effective from 16.12.2025.) Any organization intending to conduct professional training under Art. 304, para. 4 of the Insurance Code submits an application for entry in the register under Art. 30, para. 1, item 11 of the Law on the Commission for Financial Supervision, attaching:

1. a training program;
2. a synopsis;
3. procedural rules for conducting the exam, and
4. evaluation rules.

(2) The organization conducting professional training under Art. 304, para. 4 of the Insurance Code is obliged to update the materials under para. 1, items 1 and 2 in accordance with changes in the regulatory framework, changes in the insurance products market, and in accordance with the development of scientific knowledge in the relevant field.

(3) The update of the materials under para. 1, items 1 and 2 to reflect changes in the regulatory framework is carried out within a period of no later than one month after the entry into force of the respective changes.

(4) The organization reviews the materials under para. 1, items 1 and 2 at least once a year in connection with changes in the insurance products market and the development of scientific knowledge and, if necessary, updates them.

(5) The Commission may inform organizations about the respective changes and the need to update the materials under para. 1, items 1 and 2.

(6) (Amended - State Gazette, No. 109 of 2025, effective from 16.12.2025.) The organization is obliged to submit to the Commission any update under para. 2 and any other change in the materials under para. 1 within 7 days from the date of its adoption. If, during the review under para. 4, no need for updating the materials under para. 1, items 1 and 2 is established, the organization informs the Commission about this within 7 days from the date of conducting the review.

(7) (Amended - State Gazette, No. 109 of 2025, effective from 16.12.2025.) After the expiration of the period for updating under para. 3, respectively the period for review under para. 4, the organization cannot apply materials under para. 1, items 1 and 2 that have not been updated, respectively have not been reviewed. The organization cannot apply materials under para. 1 that have been updated but have not been submitted to the Commission.

Art. 19. (New - State Gazette, No. 42 of 2019.) The program under Art. 18, para. 1, item 1 guarantees the mastery of professional knowledge and skills under Appendix No. 3 to the Insurance Code and must contain:

1. a detailed description of the knowledge and skills whose mastery is envisaged within each element of the sections of Appendix No. 3 to the Insurance Code, to ensure the exact fulfillment of the obligations of the person who will carry out activities related to the distribution of insurance products;
2. a description of the modules in which the mastery of knowledge and skills is organized and their content, when modules are envisaged;
3. a description of the forms of training (in-person, distance, or a combination thereof) and their material and technical support;
4. a description of the duration of the training as a whole and for each module separately (when modules are envisaged), which is planned in a way that allows the mastery of the knowledge and skills envisaged under item 1;
5. the number, qualifications, and experience of the teachers in each field of knowledge under item 1, whose mastery is envisaged in the program, with the teachers specified together with a reference to their qualifications and experience, which cannot be less than two years.

Art. 20. (New - State Gazette, No. 42 of 2019.) (1) The synopsis under Art. 18, para. 1, item 2 must:

1. cover each of the elements of Appendix No. 3 to the Insurance Code, taking into account the specifics of these elements in each of the sections of the appendix;
2. fully cover the program under Art. 18, para. 1, item 1;
3. contain a list of regulatory acts, study aids, and other sources of information ensuring the mastery of the knowledge and skills subject to assessment.

Art. 21. (New - State Gazette, No. 42 of 2019.) The procedural rules for conducting the exam under Art. 18, para. 1, item 3 must:

1. determine the written form of conducting the exam, including whether electronic devices are used;
2. determine the method of examination (solving a test, solving a case study, written development of questions from the synopsis, etc.);
3. determine clear criteria regarding the persons who will develop the exam materials for assessing the acquired knowledge and skills, to guarantee their good reputation, professional qualifications, and experience in each field of knowledge that is the subject of verification within the thematic scope of the synopsis;
4. determine the process for developing the exam materials and guarantee that these materials ensure a full assessment of the knowledge and skills of the trainees;
5. determine the procedure for conducting the exam as a sequence of actions and duration;
6. guarantee the confidentiality of information regarding the exam materials, the fair conduct of the exam, and provide measures to prevent influence on the exam results.

Art. 22. (New - State Gazette, No. 42 of 2019.) (1) The evaluation rules under Art. 18, para. 1, item 4 must:

1. determine the criteria by which it is accepted that the assessed person has passed the exam;
2. determine clear criteria regarding the persons who will carry out the assessment, to guarantee their good reputation, professional qualifications, and experience in each field of knowledge that is the subject of verification within the thematic scope of the synopsis;
3. determine the procedure for recording the exam results, including the procedure for issuing a certificate to those who passed the exam, including their registration in the register under Art. 23, item 5;
4. guarantee an objective, impartial, and verifiable assessment of the knowledge of the assessed persons.

(2) The evaluation rules under Art. 18, para. 1, item 4 must provide the possibility for the assessed persons to familiarize themselves with the assessment of the exam they took and to request a re-check and re-assessment of the exam taken. Persons familiarize themselves with the exam results