Банкеръ Weekly

Briefs

MERGER OF BPIC INTO DOVERIE COMPLETED

On February 28 the State Agency for Insurance Supervision (SAIS) granted a permission for the professional and universal pension funds of the Bulgarian Pension Insurance Company (BPIC) to merge into the rspective structures of the pension insurance company Doveria. This was effected within the legally set 7-day term, after the Council for Additional Pension Insurance allowed on February 26 the merger of BPIC itself into Doverie. Thus, the procedure of BPIC's merger into Doverie and of its three funds into the alanlogical structures, managed by Doverie, was compleetd. In order to observe the terms and to protect the interests of the people insured in the BPIC, the SAIS decided that the date of entering the merger into the Trade Register of the Sofia City Court should be considered as the date fo teh merger. However, this cannot be done before May 1, 2003 as by law the insured people should be notified about the transformation at least a month before its date. All of them will receive a notice in which their rights should be explained. They are allowed to transfer their individual accounts in an obligatory pension insurance fund of another company. If the citizens want to ramain in Doverie's fund, it is not necessary to file a new application. The rights and obligations, originating from the contracts signed with the BPIC shall be automatically transferred to Doverie without any additional documents.All insured and pensioners in the BPIC, transfterred to Doverie, will get infomation about their new insurance number and the amount of the money they have so far, within a month after the merger is effected. The observation of procedures is controlled by the Insuraance Supervision department of the Commission for Financial Supervision (the successor of the SAIS).

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