Ordinance No. 5 of 07.07.2026 on Requirements for Training and Examinations of Persons Engaging in Insurance Intermediation

ORDINANCE No. 5 of 07.07.2026 on the requirements for the training and examinations of persons carrying out activities in insurance intermediation, and the forms under Art. 123g, para. 12 and 16 of the Social Security Code

Pub. - State Gazette, No. 65 of 17.07.2026, effective from 01.01.2027 Adopted by Decision No. 286-N of 07.07.2026 of the Commission for Financial Supervision

Section I General Provisions

Art. 1. This Ordinance determines:

1. the requirements for the thematic scope of the preliminary and follow-up training and of the examinations under Art. 123g, para. 6, item 5 and para. 13 of the Social Security Code (SSC);
2. the requirements for the conditions and procedure for conducting the training and examinations under item 1;
3. the forms of the identification documents under Art. 123g, para. 12 of the SSC for persons carrying out activities in insurance intermediation;
4. the forms of the notifications under Art. 123g, para. 16 of the SSC.

Section II Requirements for the Thematic Scope of Training and Examinations for Carrying Out Activities in Insurance Intermediation

Art. 2. (1) The training and examinations for carrying out activities in insurance intermediation shall necessarily cover the topics defined in Annex No. 1. (2) The training shall include the requirements of the regulatory framework and, where applicable, the characteristics of the products and services offered by the pension insurance company. The pension insurance company may, at its own discretion, include other topics in the training beyond those defined in Annex No. 1. (3) The examinations shall cover only the requirements of the regulatory framework on the topics defined in Annex No. 1.

Section III Procedure and Conditions for Conducting Training

Art. 3. (1) The pension insurance company shall ensure, on its own and/or through third parties, preliminary training for the natural persons with whom it will conclude a contract for activities in insurance intermediation, and for the persons whom the insurance intermediaries - legal entities, intend to authorize. (2) The pension insurance company shall ensure follow-up training on its own and/or through third parties:

1. when the persons under para. 1 have not passed the initial or follow-up examination successfully before the Commission for Financial Supervision, hereinafter referred to as "the Commission";
2. upon the occurrence of significant changes in the regulatory framework for supplementary pension insurance. (3) The requirements for conducting training and taking an examination shall not apply when a person under para. 1 has passed an examination before the Commission successfully in the last two years prior to concluding the contract, respectively authorization.

Section IV Procedure and Conditions for Conducting Examinations for Carrying Out Activities in Insurance Intermediation

Art. 4. (1) The Commission, upon proposal of the Vice-Chairman of the Commission, heading the "Insurance Supervision" Directorate, hereinafter referred to as "the Vice-Chairman", organizes the annual conduct of examinations for carrying out activities in insurance intermediation between the 15th and 25th day of the months of February, May, August, and November. (2) The Commission may organize additional examinations for carrying out activities in insurance intermediation outside the periods specified in para. 1.

Art. 5. (1) By the end of the month preceding the month of the examination, the Commission, upon proposal of the Vice-Chairman, determines by decision:

1. the date and manner of conducting the examination;
2. the rules for conducting the examination and for assessing the examination papers. (2) The decision shall be sent to all pension insurance companies and published on the Commission's website on the day of its adoption. The decision may also be announced in another suitable manner.

Art. 6. (1) Any person who has undergone training under Art. 3, para. 1 or 2 may submit an application to the pension insurance company that organized the training, which shall contain:

1. the names, unified civil number, respectively personal number or foreigner's personal number and date and place of birth, when the person is a foreign citizen;
2. a declaration that the person wishes to take an examination for carrying out activities in insurance intermediation before the Commission;
3. a declaration in what format the person wishes to receive the certificate of successful examination - on paper or as an electronic document, and the preferred method of receiving it - through the pension insurance company or personally, where in the choice for personal receipt the person specifies: a) information about their profile in the secure electronic delivery system, when an electronic document is requested; b) receipt at the registry office of the Commission or through an authorized person with an explicit written power of attorney or through a licensed postal operator with a letter with return receipt, specifying an address for correspondence, when a paper document is requested;
4. explicit consent for the pension insurance company to submit an application to the Commission for taking the examination on their behalf. (2) The pension insurance company shall submit to the Commission by the 5th day of the month of the examination an application for taking the examination on behalf of the persons who have undergone preliminary or follow-up training in supplementary pension insurance and have submitted an application under para. 1. (3) The application under para. 2 shall contain the data under para. 1, items 1, 3, and 4. Together with the application, the pension insurance company shall provide information on which persons the fee for taking the examination has been paid.

Art. 7. Only the persons who are specified in the application under Art. 6, para. 2, for whom the due fee has been paid, have the right to appear for the examination.

Art. 8. (1) Within 5 working days from the expiration of the term under Art. 6, para. 2, the Commission shall announce on its website a list containing the first and last names of the persons who have the right to appear for the examination. When there is more than one person with the same first and last name in the list, the initial of the patronymic shall be indicated next to the data for each person. (2) The Commission shall send an extract from the list under para. 1 to each pension insurance company that submitted an application under Art. 6, para. 2, containing the names of the persons who have the right to appear for the examination and are specified in the application. (3) The Commission shall remove the list under para. 1 from its website on the first working day after the conduct of the respective examination.

Art. 9. (1) The examination is anonymous and is taken by solving a test with closed questions. (2) The examination is conducted by an examination commission of an odd number of members - at least three, who are employees of the Commission with suitable professional qualifications and experience. (3) The procedure for work and the composition of the examination commission are determined by the decision under Art. 5, para. 1.

Art. 10. (1) The tests are assessed with a grade of "passed" or "failed". (2) The examination results are recorded in a protocol, in which for each person under Art. 8, para. 1, data on the appearance and on the successful or unsuccessful taking of the examination are specified. (3) The protocol is signed by the members of the examination commission. The grades are final and not subject to review. (4) The examination results are announced on the Commission's website within 14 days from the date of the examination, respectively from the last date of the examination, when more than one date for conducting the examination is determined for the respective periods under Art. 4, and include the first and last name of each person under Art. 6, para. 2, data on their appearance, and a grade of "passed" or "failed". When there is more than one person with the same first and last name in the list, the initial of the patronymic shall be indicated next to the data for each person. (5) The Commission shall send to each pension insurance company that submitted an application under Art. 6, para. 2, the results of the persons under Art. 8, para. 2. (6) The Commission shall remove the examination results from its website on the first working day after the expiration of one month from the date of their announcement. (7) Within 10 working days from the announcement of the results under para. 4, any person who has not passed the examination may submit a request to the Commission to familiarize themselves with the results of the check of their test. (8) The persons shall familiarize themselves with the results of the check of the tests personally, in the building of the Commission, in the presence of a member of the examination commission, according to a previously approved schedule.

Section V Documents in Connection with Carrying Out Activities in Insurance Intermediation

Art. 11. (1) The Commission issues a certificate of successful examination for carrying out activities in insurance intermediation to the persons who have received a grade of "passed" on the examination. (2) The Commission issues the certificate under para. 1 by the 15th day of the month following the month of the examination. (3) The certificate under para. 1 is issued according to the form defined in Annex No. 2. (4) The certificate under para. 1 is issued on paper or as an electronic document, signed with a qualified electronic signature, depending on the choice of the person specified in the application under Art. 6, para. 2. (5) When the application under Art. 6, para. 2 specifies that the person wishes to personally receive the certificate under para. 1, it is provided in the following ways: a) for an electronic document - through the profile specified by the person in the secure electronic delivery system; b) for a paper document - receipt at the registry office of the Commission personally or through an authorized person with an explicit written power of attorney or through a licensed postal operator with a letter with return receipt, depending on the chosen method. (6) When the application under Art. 6, para. 2 specifies that the person wishes to receive the certificate under para. 1 through the pension insurance company, it is provided in the following ways: a) for an electronic document - through the registered profile of the pension insurance company in the secure electronic delivery system; b) for a paper document - receipt at the registry office of the Commission through an authorized person with an explicit written power of attorney from the legal representatives of the pension insurance company. (7) In the cases under para. 6, the pension insurance company shall provide the certificates under para. 1 to the persons within 7 days from their receipt. The handing over of the certificates is carried out against the signature of the person.

Art. 12. (1) Insurance intermediaries - natural persons, are identified during the conduct of activities in insurance intermediation with an identification document issued by the pension insurance company according to the form in Annex No. 3. (2) The persons authorized by insurance intermediaries - legal entities, are identified during the conduct of activities in insurance intermediation with an identification document issued by the pension insurance company according to the form in Annex No. 4.

Art. 13. The pension insurance company notifies the Commission within the term under Art. 123g, para. 16 of the SSC of the termination of any contract for insurance intermediation with a natural or legal person and of the withdrawal of authorization of any natural person authorized by an insurance intermediary - legal entity, by submitting a notification according to the respective forms in Annexes No. 5 - 7.

Final Provisions

§ 1. (Effective from 17.07.2026) (1) The Commission organizes the examination under § 194, para. 1 of the Transitional and Final Provisions of the Law on Amendment and Addition to the Social Security Code (State Gazette, No. 27 of 2026), which is conducted by taking a test and includes the requirements of the regulatory framework on the topics defined in Annex No. 1. (2) The examination is conducted in the following manner:

1. Within a 2-day period from the publication in the "State Gazette" of this Ordinance, the Commission, upon proposal of the Vice-Chairman, by decision: a) schedules dates in August 2026 and determines the places for conducting the examination for carrying out activities in insurance intermediation; b) determines the rules for conducting the examination, for assessing the tests, and for announcing the results; c) appoints an examination commission.
2. The Commission sends the decision under item 1, letters "a" and "b" to the pension insurance companies and announces it on its website. The decision may also be announced in another suitable manner.
3. Any person who has undergone training in insurance intermediation may submit an application to the pension insurance company that organized the training, which shall contain: a) the names, unified civil number, respectively personal number or foreigner's personal number and date and place of birth, when the person is a foreign citizen; b) a declaration that the person wishes to take an examination for carrying out activities in insurance intermediation before the Commission; c) a declaration in what format the person wishes to receive the certificate of successful examination - on paper or as an electronic document, and the preferred method of receiving it - through the pension insurance company or personally, where for personal receipt of an electronic document the person specifies their profile in the secure electronic delivery system, and for a paper document specifies receipt at the registry office of the Commission personally or through an authorized person or address for correspondence, when they request receipt through a licensed postal operator with a letter with return receipt; d) explicit consent for the pension insurance company to submit an application to the Commission for taking the examination on their behalf.
4. Within a 5-day period from receipt of the decision under item 1, the pension insurance companies shall submit to the Commission applications for taking the examination on behalf of the persons who submitted an application under item 3.
5. The applications under item 4 shall contain the data under item 3, letters "a" - "c". Together with the application, the respective pension insurance company shall provide information on the persons for whom the fee for the examination has been paid.
6. Only the persons who are specified in the applications under item 4 and for whom the due fee has been paid have the right to appear for the examination. Within 3 working days from the expiration of the term under item 4, the Commission shall announce on its website a list containing the first and last names of the persons who have the right to appear for the examination. When there is more than one person with the same first and last name in the list, the initial of the patronymic shall be indicated next to the data for each person. The Commission shall send an extract from the list to each pension insurance company that submitted an application under item 4, containing the names of the persons who have the right to appear for the examination and are specified in the application.
7. The examination results are recorded in a protocol, in which for each person under item 4, the first and last name, data on their appearance, and a grade of "passed" or "failed" are specified. The examination results are announced on the Commission's website within 3 working days after the last date of its conduct. The Commission shall send to each pension insurance company that submitted an application under item 4, the results of the persons specified in the respective application. The Commission shall remove the examination results from its website on the first working day after the expiration of a one-month period from their announcement.
8. Within 5 working days from the announcement of the results under item 7, any person who has not passed the examination may submit a request to the Commission to familiarize themselves with the results of the check of their test.
9. The Commission issues a certificate of successful examination for carrying out activities in insurance intermediation according to the form in Annex No. 2 to the persons who have received a grade of "passed" on the examination, within a one-month period from the announcement of the examination results. The certificate is issued on paper or as an electronic document and is provided in accordance with the method specified in the application under item 4.
10. When the application under item 4 specifies that the person has requested receipt of the certificate through the pension insurance company, it is provided through the registered profile of the pension insurance company in the secure electronic delivery system - for an electronic document, or at the registry office of the Commission through an authorized person with an explicit written power of attorney from the legal representatives of the pension insurance company - for a paper certificate. The pension insurance company shall provide the received certificates to the persons within 7 days against signature.
11. The Commission may determine by decision, with the corresponding application of items 1 - 10, additional dates for conducting the examination in the period from 01.09.2026 to 31.12.2026 and the terms for this.

§ 2. In Ordinance No. 76 of 12.06.2025 on the fees collected by the Commission for Financial Supervision (Pub., State Gazette, No. 51 of 2025; amended and supplemented, No. 109 of 2025 and No. 26 and 43 of 2026), in Art. 25, para. 4 is created: "(4) For taking an examination for carrying out activities in insurance intermediation, a fee of 100 euros shall be collected from the person who is to take the examination, which may also be paid by the pension insurance company. For appearing for the examination on a new date, a separate fee under the first sentence is due."

§ 3. This Ordinance enters into force on January 1, 2027, with the exception of § 1 and 2 of the Final Provisions and Annexes No. 1 - 4, which enter into force on the day of its publication in the "State Gazette".

§ 4. This Ordinance is issued on the basis of Art. 123g, para. 19 of the Social Security Code in connection with § 192 and § 194, para. 1 of the Transitional and Final Provisions of the Law on Amendment and Addition to the Social Security Code (State Gazette, No. 27 of 2026) and is adopted by Decision No. 286-N of July 7, 2026 of the Commission for Financial Supervision.

Chairman: Vasil Golemanski

Annex No. 1 to Art. 2 (Effective from 17.07.2026) Thematic Scope of Training and Examinations for Persons Carrying Out Insurance Intermediation

1. Three-pillar model of the pension system in the Republic of Bulgaria General characteristics of pension insurance (solidarity and capital accumulation principles of insurance). Types of funds for supplementary pension insurance. Conditions for participation. Difference with state social insurance (link between contributions and rights).

2. Multi-fund system Types of sub-funds. Benefits for insured persons.

3. Insurance Intermediaries Status, rights, and obligations. Liability.

4. Participation of Insured Persons in a Supplementary Pension Insurance Fund Free choice, official distribution, management regime, and automatic transfer according to age.

5. Choice of Sub-fund in Universal and Voluntary Pension Funds Informing and consulting insured persons. Filling out a questionnaire and determining the risk profile.

6. Dynamic Sub-fund in Universal Pension Fund General characteristics, investment risk, and yield. Conditions for participation.

7. Balanced Sub-fund in Universal Pension Fund General characteristics, investment risk, and yield. Conditions for participation.

8. Conservative Sub-fund in Universal Pension Fund General characteristics, investment risk, and yield. Conditions for participation.

9. Rights of Insured Persons in Funds for Supplementary Mandatory Pension Insurance Payments. Rights to receive information. Means for protecting rights (complaints, lawsuits).

10. Rights of Insured Persons in Funds for Supplementary Voluntary Pension Insurance Insurance contributions. Payments. Rights to receive information. Means for protecting rights (complaints, lawsuits).

11. Insurance Contract Content, conclusion, and termination.

12. Main Documents of Funds Managed by the Pension Insurance Company Significance of the rules for the organization and activities of a supplementary pension insurance fund, the rules for making payments, and the investment policy. Notification upon changes in documents. Rights of insured persons in case of disagreement with changes in the rules for the organization and activities of a supplementary pension insurance fund and the investment policy.

13. Fees and Deductions Collected by Pension Insurance Companies Types and amounts.

14. Provision of Information on Individual Accounts and Analytical Accounts Types, content, and choice of method for receiving information.

15. Transfer of Funds from One Corresponding Pension Fund to Another, Respectively from One to Another Sub-fund of Universal and/or Voluntary Pension Fund Conditions for the transfer of funds. Acceptance of application and assistance. Right to object. Withdrawal of application. Rights to receive information.

16. Guarantees in Supplementary Pension Insurance Types. Scope.

17. Pension Payments Types. Conditions and procedure for granting. Conclusion of contract.

18. Amount of Pension Payments Regulatory requirements for determining the amount of pension payments. Update and recalculation - basic provisions.

19. Tax Benefits Conditions for tax benefits when insuring with personal contributions in a voluntary pension fund and their removal.

20. Rights of Heirs Entitled persons and payments. Procedure for receipt.

Annex No. 2 to Art. 11, para. 3 (Effective from 17.07.2026) REPUBLIC OF BULGARIA COMMISSION FOR FINANCIAL SUPERVISION CERTIFICATE No. …………/………. year The Commission for Financial Supervision certifies that …………………………………………………………………, (names) unified civil number/personal number/foreigner's personal number: …………………………………………………………………………………, has successfully passed the examination for carrying out activities in insurance intermediation, conducted on ………… year. CHAIRMAN: ………………… The Certificate is issued on the basis of Art. 13, para. 1, item 30 of the Law on the Commission for Financial Supervision and Art. 11, para. 1 of Ordinance No. 5 of July 7, 2026 on the requirements for the training and examinations of persons carrying out activities in insurance intermediation, and the forms under Art. 123g, para. 12 and 16 of the Social Security Code.

Annex No. 3 to Art. 12, para. 1 (Effective from 17.07.2026) Note: When the contract for insurance intermediation is concluded with a sole trader, in addition to the name of the natural person, the name and EIK of the trader shall also be specified. On the front side of the document, a stamp of the pension insurance company, a hologram, or another element for protecting the authenticity of the document may be placed.

Annex No. 4 to Art. 12, para. 2 (Effective from 17.07.2026) Note: On the front side of the document, a stamp of the pension insurance company, a hologram, or another element for protecting the authenticity of the document may be placed.

Annex No. 5 to Art. 13 Form of Notification for Terminated Contract with Insurance Intermediary - Natural Person Data Submission for PNI Representative* EIK/EGN Name First Name Last Name ……………..... ……………….......... …………....... …………...... …………....... Terminated Contract with Insurance Intermediary EGN/LNC/LN Names ………………........... ………….............. …………......... …………........... Official Number Date of Termination Grounds for of Intermediary of Contract** Termination*** ………………............. …………………… □ Art. 123g, para. 15, item 1 of SSC ………………............. …………………… □ Art. 123g, para. 15, item 2 of SSC □ Art. 123g, para. 17 of SSC

• The names of the person authorized by the legal representatives of the pension insurance company to submit notifications under Art. 123g, para. 16 of SSC are filled in. ** Filled in dd.mm.yyyy format. *** Marked with þ when the contract is terminated on any of the grounds under Art. 123g, para. 15 or 17.

Annex No. 6 to Art. 13 Form of Notification for Terminated Contract with Insurance Intermediary - Legal Entity Data Submission for PNI Representative* EIK/EGN Name First Name Last Name ……………......…… …………................ …………...... …………....... .................. Terminated Contract with Insurance Intermediary EIK Name Official Number of Intermediary ……………...... ……………….......... …………………….....................