site.btaNational Security Agency, Prosecution Office Probe Financial Supervision Commission, Government Seeks Deputy Chair's Resignation

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National Security Agency,
Prosecution Office Probe Financial Supervision
Commission, Government Seeks Deputy Chair's Resignation


Sofia, August 20 (BTA) - The State Agency for National Security and the prosecuting magistracy are launching a check into the Financial Supervision Commission (FSC) at the Prosecutor General's instruction in relation to the bankruptcy of Olympic Insurance Company Ltd, the prosecution office said Monday. It also transpired that the Government is seeking the resignation of FSC Deputy Chair Ralitsa Agayn, who is in charge of insurance supervision.
  
The bankruptcy of  the Cyprus-registered Olympic left some 200,000 Bulgarians holding compulsory motor third party liability insurance in it without coverage and with the need to obtain new insurance.

To be checked are the FSC's state insurance supervision and the deputy chair in charge of it, the prosecution office said. Subject to the check are the compliance with the legal requirements upon the launch of Olympic's activity in Bulgaria, the exercise of the supervision authorities' powers under the Insurance Code and the Financial Supervision Commission Code, as well as the current supervision, including through the prohibition on Olympic's Bulgarian branch concluding new insurance contracts and extending the term of the existing ones.

Finance Minister Vladislav Goranov told reporters in the Council of Ministers building on Monday that the Cabinet wants Ralitsa  Agayn to step down over the Olympic scandal. He said that this position is shared by the GERB party.

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