A new electronic information system, for receiving and processing periodic reports and verifications from insurance brokers, is being introduced by the Financial Supervision Commission.

The system will first be used for annual verifications and reports for 2012, for which the deadline for submission is 31 January 2013.

All data is to be submitted electronically with an electronic signature and with no encryption, using an internet portal on the FSC’s website.

All insurance brokers (individuals and companies) using the system must first register with the portal, including the employees authorised to submit data on its behalf, who must have a valid e-signature certificate. This must be a professional (rather than personal) certificate containing the company’s Unified Identification Code (UIC), and must be issued by an issuer of universal electronic signatures (UES) licensed at the Communications Regulation Commission.

By no later than 15 September 2012, insurance brokers must submit to the FSC:

  1. an application (no form is specified) submitted by someone with a UES (with a valid electronic certificate). This must specify the broker’s name and UIC and the identity (name and job title) of each employee authorised to submit data electronically on its behalf
  2. a public key of the UES certificate for each authorised person, exported in base-64 format.

The section on the website (www.fsc.bg) containing guidelines and forms for submitting data is under construction, but will be located under ‘Insurance market’ in the ‘Forms and standards’ subsection of the ‘Administrative documents’ section.

Once e-reporting begins, verification must be provided in the format published on the FSC website: all data submitted will be verified and any incorrect or incomplete data will result in an error message.

Law: Art. 162, para. 3 of the Insurance Code