Bulgaria's financial regulator (FSC - Financial Supervision Commisssion) announced it appointed external administrator to manage the assets of local specialised health insurer NADEJDA.

FSC sait it has appointed Rozalina GRADINAROVA-STOYANOVA for one month as administrator."The administrator shall perform all functions and have all authority in relation to management and representation of NADEJDA JSC Insurance Company, including the functions as an employer. The administrator shall establish the financial situation of the undertaking, remove the violations and manage the undertaking  in the interest of the insured persons and the beneficiaries. The authority of the administrator shall not be limited by the Statute of the Insurer. Notwithdstanding her statutory authority, the administrator shall be appointed with the main task of establishing the financial situation of NADEJDA JSC Insurance Company".

The market regulator sait the measure is taken in response to violations of legal framework related to the formation of the technical provisions, as well as due to the ascertained breach of the minimum capital requirements.

Thus, for a period of one month from the date of receipt of the decision, the insurer will not be able to conclude new insurance or reinsurance contracts on all classes of insurance, to extend the term of the concluded contracts and to expand the coverage thereof.