Areas of practice

Insurance Law

Our insurance law group forms part of the Financial Services Law Team. Our insurance industry experts are focused on providing our clients with innovative solutions to increasingly complex legal issues, both in terms of regulation and business. We base our service on understanding the insurance business and analysis of Bulgarian insurance market. We provide the expertise, professional knowledge and legal resources, required to help our clients achieve their business goals.

We follow the major changes which the insurance industry has been facing and continues to face. We offer our services to a wide range of clients, including: life, non-life, health insurance and pensions companies; insurance brokers; insurance agents; trade associations; etc.

How we can help

• We provide legal advice on all aspects of the Bulgarian and EU insurance legislation, whether it concerns the taking up of the business of insurance, reinsurance, broking, health and pension insurance, or conduct of business rules, or novel insurance products being developed by the industry
• We can represent insurance clients, including brokers, in licensing, authorization, notification and other proceedings, before the Financial Supervision Commission, which is the oversight authority for these business sectors
• We advice insurers and banks alike on bancassurance and possible ways of providing of financial and related insurance products; we advice on matters of insurance intermediation
• We can advise insurance clients on compliance with general financial industry regulations such as consumer protection rules, personal data protection, rules against money-laundering and the financing of terrorism
• We can advise the management of insurance companies on the corporate governance rules and practices
• We can advise the insurance business on the regulatory and filing requirements in the event of group restructurings, portfolio transfers, including cross-border transfers
• We can advise insurance clients on operational and prudential matters, including capital requirements, Solvency 2, outsourcing, claims handling
• We draft or review general and special provisions of group and individual insurance policies in terms of both regulatory and contractual aspect
• We advise on other matters related to product development-(distribution; data protection, investments etc.)
• We advise clients on the strategic aspects of forthcoming changes of restructuring of insurance groups, as well as on the amendments in the law, e.g. the pending health insurance reform in Bulgaria in 2009.

Key insurance law practice areas

• Establishment of insurance, reinsurance, and insurance intermediation undertakings
• Advising on the legal framework of insurance, reinsurance, insurance intermediation business activity;
• Obtaining different types of permissions and licenses with regard to insurance, reinsurance and insurance intermediation activity; passporting the right to provide insurance and insurance intermediation services within EU and EEA;
• Legal aspects of prudential regulations, including strategic planning on Solvency 2
• Legal and regulatory requirements concerning distribution channels for insurance products, bancassurance, insurance intermediation, trade schemes and market practices;
• Internal organization of insurers and insurance intermediation companies;
• Insurance and reinsurance agreements; contracts with insurance intermediaries and contracts for insurance broker’s services;
• Other general regulatory aspects, in particular personal data protection rules and rules against money laundering
• Voluntary pension insurance (so called 3rd pillar)
• Voluntary health insurance and its reform (expected in 2009)
• Litigation involving insurers or insurance intermediaries.