SWOT analysis of the digital transformation amendments to the Bulgarian Insurance Code
by Yordanka Dimova, Senior Associate Rokas (Sofia)
On 16 October 2023 the Ministry of Finance launched public consultation regarding the proposed amendments to the Bulgarian Insurance Code (IC). The consultation will last until 15
November 2023. The proposed amendments will strongly affect the insurance regulation in Bulgaria as they are not solely focused on the transposition of the Directive (EU) 2021/2118 which is due until the end of this year, but also extend to the introduction of national law provisions aimed at improving the overall insurance environment in the country. One of the domains of insurance that is proposed to be amended is e-insurance. The notion of e-insurance shall include every action regarding the insurance contract that could be executed remotely, more specifically the remote conclusion of the insurance contract and the remote exercise of the insured’s rights.
The main amendments concern the following matters:
1. Obligation for the insurers to introduce means of electronic submission of insurance claims, at least by announcing an email of the insurer for that purpose;
2. Introducing the conclusion of a contract via a platform of the insurer as a means of remote conclusion of the insurance contract;
3. Removing the payment by credit or debit card of the policyholder as a means of fictitious signature of the insurance contract in case of its remote conclusion;
4. Obligation for the insurers to send the remotely concluded contract on durable carrier upon its conclusion;
5. Obligation for the insurer or the insurance intermediary to sign the remotely concluded contract with a qualified electronic signature.
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