Банкеръ Weekly

Briefs

FAIRPLAY

On August 25 Bisser Petkov, Deputy Chairman of the Financial Supervision Commission, who runs the Social Insurance Supervision Directorate, issued official permissions for management of the funds for additional pension insurance to Doverie Pension Insurance Company, Saglasie Pension Insurance Company, Rodina Insurance Company, ING Pension Insurance, Allianz Bulgaria Pension Insurance, CKB-Sila and LUKoil Garant - Bulgaria. All permissions have been issued according to the new Social Insurance Code. On August 28 AIG Life - Bulgaria Insurance Company announced a yield of 7.45% from investment of the insurance reserves on the savings life insurance policies. The positive performance explains the jump in the policies' value according to the conditions of the company's insurance contract.The residual state-owned share (13.6%) of the capital of Bulstrad Insurance and Reinsurance Plc. was included by the Privatisation Agency (PA) in the list of the enterprises for sale. The shares will most probably be put up for sale against compensation instruments of payment. This was explained by PA's press centre. Bulstrad's majority shareholder BZP Group has still not formed its official position on the matter, said the company's Executive Director Evgeni Popov in front of the BANKER weekly.Roumen Galabinov, the Managing Director of the Insurance Supervision Directorate, approved the appointment of Andrey Markov as Executive Director and member of the Management Board of the Healthcare Insurance Company DZI AD. The decision dates back to August 21. Vania Verbovska was approved as representative of Contract Sofia at the company's Supervisory Board and Svetla Daynova will be the actuary.The Sofia City Court (SCC) has registered the decision of the general meeting of shareholders in Bulgarian Real Estates, held on March 4, 2003, to increase the life insurance company's capital from BGN4MN to BGN5.4MN by issue of new registered shares of BGN1 par value. The decision was published in Issue 75 of the Official Gazette.SCC has also registered the capital increase of LUKoil-Garant Bulgaria Pension Fund. By the issue of 2,000 new registered book entry shares with par value of BGN1,000 the company's capital will be revised upwards from BGN3MN to BGN5MN. The court has deleted Dmitriy Yurievich Bocharov as member of the company's Supervisory Board and wrote in as such Igor Genadievich Kuzmin. During the week the Official Gazette published the changes, registered by SCC in the Board of Directors of Interamerican Insurance company. They were approved at the company's general meeting on October 24, 2002. The number of the members grows from eight to nine. Georgios Antonios Valays was deleted wiped as Chairman of the BoD and was replaced by Borislav Ivanov Mihaylov.A co-operation agreement has been signed between the Bulgarian Red Cross Organisation and Levski Spartak Insurance Company. Volunteers from the Red Cross will sell Casco and Drivers' Civil Liability insurance policies. The incomes from the sold insurances will be donated to disabled children.

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