The European Insurance and Occupational Pensions Authority (EIOPA) has confirmed that Bulgaria’s Financial Supervision Commission (FSC) has improved its supervisory review process for verifying the solvency positions of (re)insurance undertakings and groups, making it fully compliant with EIOPA’s January 2025 recommendation. That recommendation called for a prospective, risk-based approach proportionate to the nature, scale and complexity of the undertaking, aimed at ensuring continuous compliance with regulatory solvency requirements. EIOPA’s follow-up assessment concludes that the FSC’s updated process meets these expectations.
European Insurance and Occupational Pensions Authority 2025-04-25
European Insurance and Occupational Pensions Authority confirms Bulgaria’s Financial Supervision Commission has strengthened its solvency review process
EIOPA confirmed that Bulgaria’s Financial Supervision Commission (FSC) has enhanced its supervisory review process for (re)insurance solvency positions, achieving full compliance with EIOPA's January 2025 recommendation. The recommendation emphasized a prospective, risk-based approach proportionate to the undertaking's nature, scale, and complexity. EIOPA's assessment verifies that the FSC's updated process aligns with these expectations.