Банкеръ Weekly

Briefs

THE GUARANTEE FUND PAID A CURTSY TO THE INSURERS

The financial results of the Guarantee Fund were announced a week ago. Total revenues for 2000 amounted to BGL2.455MN, while BGL2.189MN of them were contributions from insurance contracts. The expenses for the same period amounted to BGL958,892. For the four years of its existence the Guarantee Fund accounts received BGL7.485MN, and the amount available as of December 31, 2000, are BGL4.569MN.
The most serious contribution to the Fund naturally belongs to the big insurance companies - DZI, Allianz-Bulgaria and Bulstrad. Last year their contributions amounted to BGL589,618, BGL414,453 and BGL362,284 respectively. The size of payments which the insurance companies make to the Fund is specified in a memorandum of the Insurance Supervision Directorate and is calculated as a percentage of the gross premium revenues of the mandatory insurances Civil Responsibility and Accident
In 2000 the insurance companies were transferring to the Fund 1% of their premium revenues for the mandatory insurances. This year the percentage will be 0%, i.e. the insurance companies will not make any contributions to the Fund. The decision was made a month ago by the Fund's Management Board and was legalised in a memorandum issued by the Insurance Supervision Directorate.

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