PERMISSIONS FOR SOME OF THE INSURANCES REVOKED
The companies shall no more have to ask for a permission for each individual kind of general insurance, the Agency for Insurance Supervision announced. Practically, this means that the various kinds of general insurances, such as employment risk, overall insufficiency of incomes, poor weather conditions, loss of proceeds, current total expenses, and indirect trade costs, shall be repealed.In addition, under specific conditions, the companies which have been granted permissions for a certain type of insurance, will be able to cover also risks, included in other kinds of insurance included, the agency decided.The range of risks, covered by some insurances, has beed expanded as well. For instance, an additional life insurance might cover incapability for work and disability, caused by illness.The aim is to liberalize the regime in the sector, experts commented. This was one of the main recommendations to the insurance branch, included in the 2001 White Paper on Foreign Investments in Bulgaria, prepared by the Bulgarian International Business Association (BIBA).