RISK INSURANCE FOR CERTIFICATION OF E-SIGNATURES CAUSES DEBATES
Insurance against risk when granting certificates for electronic signatures may turn out a difficult barrier to be overcome by businessmen, willing to use sooner this certification technology in their work.The size of the insurance shall be determined by the ordinance on the operation of providers of certification services under the Electronic Document and Electronic Signature Act. The ordinance has been drafted by the State Telecommunications Commission (STC) and submitted to the Council of Ministers for approval. The insurance is required for covering eventual risks, arising from unconscientious use of electronic signatures. In the initial version, proposed to the Cabinet for approval, the minimum amount for registration of providers of certification services was stipulated at BGL600,000.However, representatives of Information Service Ltd., which is expecting to be registered as such a provider, objected to the proposed minimum as too high. The insurance in most EU countries is within USD30,000, or about ten times lower than the size, proposed by the STC, Ivelina Taoushanova from the company's PR department commented to the BANKER weekly. If the Government fixes a lower minimum rate (closer to EU standards) for mandatory insurance, an electronic signature certificate will cost about BGL75, experts from Information Service specified. However, they did not make any assumptions about the price of the service if the STC-proposed minimum is approved.