Bulgaria’s top official in charge of regulatory oversight of the insurance sector resigned on August 21, a day after coming under fire from Finance Minister Vladislav Goranov.
Ralitsa Again, Financial Supervision Commission deputy chairperson in charge of the insurance market, submitted her resignation to Parliament, which interrupted its summer recess to hold a special sitting on August 21 to discuss the repercussions of Cyprus-registered insurer Olympic’s bankruptcy.
Olympic had an estimated nine per cent market share on the third-party liability insurance segment in Bulgaria, attracting customers with lower than the market average policy premium payments, reports in Bulgarian media said. Its bankruptcy left 200 000 car owners without the mandatory insurance…. / IBNA
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