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.

Related articles

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.

2017-12-07
photodune-3834701-laughing-girl-xs

STATISTICS: BULGARIA 1Q 2017: GWP up by 9.7%

The total GWP by Bulgarian insurers in 1Q 2017 was BGN 572 million (EUR 293 million), up by 9.7% y-o-y, according to the quarterly statistics published on the country's financial regulator website.

2017-09-14

ON THE MOVE

JLT Re appoints Jeremy FOX as Asia-Pacific CEO

Global reinsurance broker JLT Re announced the appointment of Jeremy FOX to the position of Chief Executive Officer (CEO) of JLT Re's Asia-Pacific unit (APAC). He will also become a member of the Reinsurance Global Executive Committee.

SAVA Re adds new member of the management board

Slovenian re/insurer SAVA Re annoucend that the appointment of Polona Pirs ZUPANCIC as member of the management board has got the Insurance Supervision Agency's (ISA) approval. She started her term of office on 14 January 2018.

TOP EVENT

"Insurance and Pensions reloaded" - the 7th EIOPA Annual Conference

The 7th EIOPA Annual Conference takes place today in Frankfurt am Main, Germany. A review of the current supervisory covergence issues and of the prospects of the Pan European Personal Pension Product are on the event's agenda, together with analyzing the ways in which regulation may enable innovation.

22.11.2017

photodune-3834701-laughing-girl-xs

"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.

14.11.2017

photodune-3834701-laughing-girl-xs

Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.

09.11.2017

photodune-3834701-laughing-girl-xs

The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!

26.10.2017

Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".

25.10.2017

Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.

24.10.2017

See all