INSURANCE GUARANTEE FUND WITH A NEW MANAGEMENT
On July 12, 2005 the Management Board of the Guarantee Fund held its first meeting after the Management Board of the Association of Bulgarian Insurers (ABI) approved its new members on July 7. The new managerial team of the company includes: Borislav Mihailov from the insurance company Interamerican Bulgaria, Todor Genchev from the insurance and reinsurance company Vitosha, Diana Evstatieva from Bulstrad, Temenuga Nenova from Allianz Bulgaria, and Yordan Kifov from Bul Ins.Daniela Konova, Chairperson of ABI Management Board announced that 15 candidates were considered when appointing the new managerial team of the Guarantee Fund and the choice was made by secret voting.Borislav Mihailov keeps the chairmanship. Mr. Genchev has been also been a member of the Management Board so far. The new members are: Diana Evstatieva, Temenuga Nenova and Yordan Kifov. The latter is also in the managerial team of ABI. The new Management Board will prepare a methodology for collecting the Guarantee Fund's receivables and will submit it for approval to the Commission for Financial Supervision. The new board will have a 3-year mandate, but probably a new managerial team will be appointed in 2006 after the enforcement of the new Insurance Code and the establishment of a council of insurers with the Guarantee Fund, which will be nominating the Management Board of the Guarantee Fund. All licensed insurance companies, offering the Civil Liability insurance, will be represented in that council. As of July 1, 2005 the new speaker of the ABI - the INTERNET website Insurance BG, owned by Kalin Dimitrov - has assumed authority, ABI's secretary Zheni Parpoulova told the BANKER weekly. The INTERNET media has signed a contract for representing ABI and it will be already providing information about the branch organization to the other mass media.