EIOPA considers FSC to be compliant with recommendation on supervisory review process

On the 13 January 2025, the European Insurance and Occupational Pensions Authority (EIOPA) recommended that Bulgaria’s Financial Supervision Commission (FSC - Комисия за финансов надзор) review its supervisory review process for assessing (re)insurance undertakings’ and groups solvency positions.

EIOPA’s Recommendation aimed at ensuring – under a prospective and risk-based approach proportionate to the nature, scale and complexity of the undertaking – that (re)insurance undertakings under FSC’s supervision are compliant on a continuous basis with the regulatory solvency requirements.

EIOPA confirms today that the FSC has improved its supervisory review process regarding the verification of undertakings’ and groups’ solvency positions in order to be fully compliant with the Recommendation.