Банкеръ Weekly

Briefs

MARRIAGE BETWEEN INSURANCE AND GAMBLING DISSOLVED

Draft amendments to the Gambling Act were approved on first reading at the regular session of the Parliamentary Budgetary and Finance Commission, held on September 27. The most important amendment regards the separation of the Agency for Insurance and Gambling Supervion (AIGS) into two controlling bodies - a State Commission of Gambling and an Agency for Insurance Supervision. What is interesting in this case is that the existing mega superving institution shall not be restructured, but closed down.The authorities, supervising insurance and gambling, were unified in February, 2001 on the proposal of the former finance minister Muravey Radev. It's curious that the separation of the AIGS begins with amendments to the Gambling Act, and not to the Act on Measures against Money Laundering, by which the Agency was established. Mr. Radev's idea for setting up a common supervising body was motivated by the seemingly lofty aim to reduce excessive administration, and resultingly - the costs for its maintenance. The problem, however, is that the two businesses are radically different. But despite the absolute disparity of the two sectors both directors of the AIGS - Dimitar Dimitrov and Hristo Hristov - handled more than successfully their tasks. After the artiicial establishment of the common suprevising body, time has logically come for its separation.The operation of insurance supervison is to be regulated by the projected amendments to the Insurance Act. The currently proposed legislative changes concern the supervising body of gambling. It will be called State Commission on Gambling and will be directly subordinated to the Council of Ministers, and not to the Finance Minsiter.

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