SOFIA Feb 3 Bulgaria's insurance companies and
pension funds are stable, though five small insurers will have
to raise funds to meet capital requirements, an asset and a
balance sheet review carried by the financial regulator showed
The review of 49 insurers showed some 13 companies did not
have enough funds to meet either solvency or minimum capital
requirements as of June 30 last year, but seven have since taken
steps to bolster their balance sheets, the regulator said.
The total capital shortfalls after the follow-up measures
stood at 17 million levs ($9.34 million) for solvency capital
requirements and 22 million levs for minimum capital
requirements and concern 5 companies with a joint market share
of 1.5 percent.
"The insurance sector and the pension insurance sector in
Bulgaria are stable," the Financial Supervision Commission (FSC)
said in a statement. "The established deficits are relatively
small to the capital requirements and the available own funds of
the instance sector".
The aggregate solvency requirement stood at 1.2 billion levs
while the insurers' own funds stood at 1.9 billion, the FSC
The asset review of the country's 27 private pension funds
showed the companies meet the regulatory requirements and the
imposed total asset adjustments were for 33 million levs, or
0.3 percent of the total assets of the sector.
($1 = 1.8203 levs)
(Reporting by Tsvetelia Tsolova; Editing by Elaine Hardcastle)