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SUPERVISION OF PENSION SYSTEMS – CURRENT TRENDS AND ISSUES. INTERNATIONAL EXPERIENCE. PENSION FUNDS REGULATION AND SUPERVISION IN BULGARIA BISSER PETKOV Deputy Chairman of Financial Supervision Commission Head of Social Insurance Supervision Division. Agenda.
PENSION FUNDS REGULATION AND SUPERVISION IN BULGARIA
Deputy Chairman of Financial Supervision Commission
Head of Social Insurance Supervision Division
1994 – Voluntary pension funds launched - fully funded basis,individual accounts.
1999– Legal regulation of pension provision activity (Adoption of the Law for Supplementary
Voluntary Pension Provision and the Mandatory Social Insurance Code).
2000 – Establishment of the State Agency for Social Insurance Supervision and licensing of the
first pension insurance companies.
– Professional Pension Funds launched.
2002 –Universal Pension Funds launched.
2003 – Integration of supervision authority over the non bank financial sector
Bulgarian Pension System Current Characteristics
Main Characteristics of Funded Pension Provision Market
Recent Regulatory Changes
Structural (dis)similiarities between the Bulgarian and EU Pension System Models
Depth of Financial Market - Assets as Share of GDP in %
*1 EUR = 1.95583 BGN exchange rate pegged to EUR under currency board
PF Net Assets (in th BGN) 31.12.2002 - 31.12.2010 (estimated forecast)
1 EUR = 1.95583 BGN exchange rate pegged to EUR under currency board
Source: FSC, 2006
Net Replacement Rate
Bulgarian National Securities Commission (Since 1996) Staff: 125
(SinceMarch 1, 2003)
Agency (Since 1997) Staff: 45
State Insurance Supervision Agency (Since 2000)
Institutional Environment of Pension Supervision
Financial Supervision CommissionOrganisational Structure
Powers of the Financial Supervision Commission
Powers of the Deputy Chairman of FSC in Charge of Social
Institutional Independence of FSC
Characteristics of the style and approach implemented in Bulgarian pension supervision
Supervisory Methods and Processes
planning and strategy
Approach and evaluation program
Response from the management and follow-up activities
Organization and staff
Licensing Requirements for Pension Insurance Companies as regards:
Off-site Supervision of Pension Insurance Companies (1)
On-site Supervision of Pension Insurance Companies
Thank you for your attention!
phone: (+359 2) 94 04 575
fax: (+359 2) 829 43 21