Банкеръ Weekly



Insurance companies are against some provisions of the Law on the Measures Against Money Laundry, which passed first reading at Parliament last week. The specific provisions concern the merger of the supervisory boards of insurance and gambling businesses. At the General Assembly of the Bulgarian Insurance Companies Association, which took place on November 27, all licenced insurance companies, which are its members declared unanimously that the Insurance Supervision Board should remain independent.

According to them the joint institution will have to handle two diverging activities. This merger contradicts the European practice and will violate the process of harmonization of Bulgarian insurance legislation with that of the EU, claim the insurance companies in the Declaration they have addressed to the President Peter Stoyanov and the Prime Minister Ivan Kostov.

It was expected that this week the Parliament will put the law on second reading at Parliament. This, however, did not happen. According to some sources within a week or two the Law on the Measures Against Money Laundry will be put to voting again. Insurance companies hope to influence legislators and persuade them that the suggested version of the Law is not adequate.

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