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Bulgarian Insurance Code Drafted by July
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The bill on a Bulgarian insurance code is expected to be drafted by the end of June and tabled for discussion by the new parliament the following month, it emerged at a seminar in Borovets, Rila Mountain.
In the words of Ralitsa Agayn, deputy chairperson of the state Commission on Insurance Supervision, most discussions were instigated over the short-term civil responsibility policies and the current state of insurance companies operating in Bulgaria.
She has announced several insurance companies are subject to supervisory checks of their financial balance.
Bulgaria's insurance sector is defined by an ongoing trend of market deconcentration, according to Krum Krumov from the commission. "The cumulative share of the three largest insurance companies in Bulgaria stands at 46.6% in 2004 vs. 57.2% in the previous year, he said.
In 2004, Bulgarians allotted BGN 108 on the average for insurance policies, which is an increase of 28% compared to 2003. Still, Bulgaria is lagging behind countries such as Hungary and Greece where the average rate of insurance allotments stands at USD 200-300 per capita. |
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