Report on the Legal Framework of the Insurance Sector in Bulgaria
The scope of this report – by Rokas (Sofia) – is to present the legal regime framework related to insurance in the Republic of Bulgaria, some of them are below:
1.REGULATION
Insurance Code: Commercial Act.
Consumer Protection Act: Ordinance No. 24 of 08.03.2006 on the Compulsory Insurance Pursuant to Items 1 and 2 of Article 249 of the Insurance Code and on the Procedure of
Settlement of Claims for Compensation of Damages Caused to Motor Vehicles.
2. INSURANCE AND REINSURANCE COMPANIES, BRANCH OFFICES OF FOREIGN INSURANCE COMPANIES AND DIRECT PROVISION OF INSURANCE SERVICES, WHEN APPLICABLE
According to Bulgarian legislation insurance services may be provided by a joint-stock company, a cooperative
society, or an insurer from third state via a branch registered under the Bulgarian Commercial Act licensed under the
terms and conditions of Bulgarian legislation as well by insurers from other Member State under the freedom of
establishment or the freedom of providing services conditions. Reinsurance services may be provided by a joint-
stock company licensed for active reinsurance under the Bulgarian legislation, a person licensed for active
reinsurance under its seat in other Member State as well as a person licensed for active reinsurance under its seat
in third state via a branch registered and licensed in Bulgaria. License for providing re/insurance services can also
be issued to a person established as a European company (SE).
Providers of re/insurance services should be licensed with the Bulgarian Financial Supervision Commission. The
license of insurers is being issued for insuring as well as for the different types of insurances. The license of re-
insurers is being issued for life reinsurance; for general reinsurance; or for life and general reinsurance
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