Bulgarian NADEZDHA Insurance Company's licence revoked

The Bulgarian Financial Supervision Commission (FSC) has revoked the licence of NADEZDHA Insurance Company for carrying out insurance activity for all classes of insurance, forbidding the company to conclude any new re/insurance contract for six months.

By the same Decision, the FSC prohibits the free disposal of assets of NADEZHDA JSC until the initiation of liquidation or insolvency proceedings.

The Decision came as a result of the company to fulfil the Minimum Capital Requirements according to Solvency II, as well as of its inability to observe the measures imposed by the FSC in order to restore the company's compliance with the Solvency II capital requirements. Moreover, the company was asked and failed to implement more adequate methods of calculating its technical reserves, according with the risk profile of its portfolio, especially considering that it performs surety insurance contracts both on the local and the Italian market.

The FSC has appointed Rosalina Yordanova Gradinova-Stoyanova as Quaestor of NADEZHDA JSC until the appointment by the court of a trustee or the filing of a liquidator of the company. It also approved the Chairperson of the FSC to apply to the competent court for the opening of insolvency proceedings against NADEZHDA JSC after the entry into force of this Decision.

NADEZDHA Insurance Company has recorded in 2016 a GWP volume of BGN 8.94 million, of which BGN 7.98 million represent the company's underwriting on the suretyship insurance line. According to the local journal Capital, among the company's main clients there are the Mіnіѕtrу of Defense, the National Eleсtrісity Company and the Kozloduу Nuclear Power Plant. The same journal says that Vісtor Ѕerov, NADEZHDA's majority owner, said that he will be appealing the FSC licence revocation decision.

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