Bulgarian FSC revoked the SyVZK's license

The Bulgarian Financial Supervision Commission (FSC) has revoked the licence of the life insurer SyVZK (TUMICO - Trade Union Mutual Insurance Cooperative) for carrying out insurance activity for all classes, forbidding the company to conclude any new contract for six months.

The license has been revoked as the company does not cover the minimum capital requirement and the solvency capital requirement, FSC said in the Decision published on its website.

At the same time, FSC prohibits the free disposal of assets of SyVZK until the initiation of liquidation or insolvency proceedings.

The FSC has appointed Rosalina GRADINAROVA-STOYANOVA and Stefan PETROV STEFANOV as administrators of SyVZK to run the company until a court appoints a receiver.

SyVZK (TUMICO - Trade Union Mutual Insurance Cooperative) was established in late 1997 under the name MEDIC-CENTER received its license for practicing insurance activity on August 10, 1998. At the time of its establishment, the cooperative united 662 individuals.

By decision of Veliko Tarnovo District Court on 26.09.2005, the name of the insurer was modified to "Trade Union Mutual Insurance Cooperative - TUMICO", while the headquarter was moved in the capital city of Sofia. The SyVZK portfolio consisted of mixed & risk life insurances, pension insurances, and other additional insurances.

According to the latest data published on the FSC website, in mid-2017, SyVZK was the sixth-largest life insurer in the country: GWP of BGN 16.32 million (EUR 8.35 million), representing a market share of 6.9%. The largest life Bulgarian insurers were BULSTRAD Life VIG (21.5% market share), ALLIANZ Bulgaria Life (20.7%), UNIQA Life (17.2%), DZI Life (11.3%) and UBB-METLIFE (9.7%).

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