site.btaFSC Receives Confirmation from EIOPA on Improved Solvency Supervision in Insurance Sector

The Financial Supervision Commission (FSC) has received confirmation from the European Insurance and Occupational Pensions Authority (EIOPA) that it has improved its supervisory review process in the insurance sector in accordance with a recommendation issued, FSC said in a press release on Monday.

FSC had received confirmation from EIOPA that it had improved its process for supervisory review concerning the solvency checks of insurance and reinsurance companies and groups. The confirmation states that the Bulgarian regulatory body is in compliance with the recommendation issued by EIOPA on January 13, 2025, which called for the FSC to revise its supervisory review process for evaluating companies and groups.

The recommendation aimed to ensure – through a forward-looking and risk-based approach, proportional to the nature, scale, and complexity of the company – that supervised insurance and reinsurance companies and groups continuously comply with solvency regulatory requirements, the press release said.

In close cooperation, FSC and EIOPA took actions on every aspect of the issued recommendation to ensure its full and accurate implementation in a short period of time, FSC added.