The European Insurance and Occupational Pensions Authority published an update that Bulgaria’s Financial Supervision Commission (FSC) has imposed a temporary ban on ZAD DallBogg: Life and Health AD from providing new cross-border products and services and from extending the term of existing cross-border business under the freedom to provide services across the European Economic Area. The restriction applies to all classes of insurance for an initial three-month period starting 1 July 2025. DallBogg’s insurance business activities will continue as usual in all Member States until 30 June 2025 inclusive. The FSC is engaging with the firm on consumer protection and fair treatment of policyholders and is working on the conditions DallBogg would need to meet for the restriction to be lifted, with the concerned national competent authorities cooperating; further details are expected to follow.
European Insurance and Occupational Pensions Authority 2025-06-13
European Insurance and Occupational Pensions Authority publishes notice of Bulgarian FSC three-month ban on DallBogg’s cross-border new and extended insurance business from 1 July 2025
The European Insurance and Occupational Pensions Authority announced that Bulgaria's Financial Supervision Commission has temporarily banned ZAD DallBogg: Life and Health AD from offering new cross-border insurance products and services in the European Economic Area for three months starting 1 July 2025. The ban also prevents extending existing cross-border business terms. The FSC is discussing consumer protection and conditions for lifting the restriction with DallBogg.