Банкеръ Weekly



The shareholders in the pension insurance company LUKoil Garant increased its capital from BGN3MN to BGN5MN. The additional shares were purchased by the new shareholders - the Russian pension fund LUKoil Garant (30.6%) and First East International Bank (9.4%). Thus, a little more than 90% of the shares remain in the hands of companies within LUKoil's structure. By April 16, 2003 the Insurance Supervision Department with the Commission for Financial Supervision was not yet informed about the changes in the company's ownership. The Union of Insured filed a claim to the National Assembly and the Council of Ministers on April 15, 2003 in connection with violations of the Commercial Code and the Insurance Act. They concern the companies' obligation to submit information about the procedures for solving of cases out of court prior the closing of contracts, which according to the Union's Chairman Georgi Bakalov they do not observe. Thus, the clients were impeded from using their rights and their economic interests could be endangered. Mr. Bakalov pointed out that no arbitration committee had been set up as per the requirements of the Insurance Act, and the citizens have nowhere to file their complaints to. The claims should already be addressed to the committee instead of to the Insurance Supervision Department.The insurance company AIG Life Bulgaria held its third annual trade conference on April 17, 2003. The insurer, which is within the structure of AIG Inc., reported its 2002 results. The growth in proceeds was 214%, although the company ranks 8th in the BANKER weekly's rating of ten insurance companies. The Life insurance was the most purchased product in 2002 (marking 294% growth from 2001), followed by the Accident insurance (237% growth from the previous year). AIG plans to improve its operation as the Bulgarian market has a potential for much higher proceeds, said Andreas Vassiliou, President for Central and Eastern Europe and Senior Vice President of ALICO AIG Life.

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