Region
Eastern Europe & Central Asia
Income group
Upper middle income
Most populous city
Sofia

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Disclaimer: Note that the following information is not part of the score that the country receives on the Investing Across Sectors indicators. This information is provided as complementary to the data on the foreign ownership restrictions, and is based on the survey respondents’ comments and assessments. The World Bank Group does not guarantee accuracy of this information.

Sector group:
Insurance
Sector:
Insurance: A foreign company seeking to own a provider of health and/or life insurance services. Note: Excluded from the definition are (1) reinsurance, (2) property insurance, (3) social security / pension insurance, and (4) other forms of insurance.
Market structure:
 
Survey respondents' answer to the following question, "Define the market structure in your economy for this sector."
Competitive market, i.e. Many firms
Regulatory license:
 
Survey respondents' answer to the following question, "If a foreign company wanted to obtain a sector-specific regulatory license (or a concession contract) to open and operate a new business in that sector, how likely would the government be to issue such a license, provided that the foreign company meets all legal and regulatory requirements?"
Likely
Name of regulatory authority
Financial Supervision Commission
Additional comments:
Legislation: (1) The Insurance Code (promulgated in State Gazette no.103 from 23.12.2005), (2) The Financial Supervision Commission Act and other specific regulations. The applicable laws are available on the official web site of the Bulgarian Financial S
There are foreign firms currently operating in this sector
Currently forty insurance companies have been established in Bulgaria, nineteen provide services in the field of life insurance, while twenty-one provide non-life insurance services. The number of foreign insurance and reinsurance undertakings that have n
Min: 12 weeks
Max: 18 weeks