DRAFT OF BULGARIAN INSURANCE CODE AWAITED

A bill on a Bulgarian insurance code should be drafted by the end of June, according to a regulatory official speaking at a seminar last week. Ralitsa Agayn, deputy chairperson of the state Commission on Insurance Supervision, said that a bill should be tabled for debate in the Bulgarian parliament in July. Ms Agayn said at the seminar in Borovets, Rila Mountain, that most discussions focused on short-tail business and the current state of insurers operating in Bulgaria. She noted that the market share of the top three companies had fallen from 57.2% in 2003 to just 46.6% last year as newer players set up shop. Market penetration in Bulgaria increased last year to 108 lev per head, up 28% on the previous year.