Name of law Law for amendment of the Insurance Code Name of Bill a bill amending the insurance code date of acceptance 19/05/2010 number/year Official Gazette 41/2010 Decree No 130

On the grounds of art. 98, paragraph 4 of the Constitution of the Republic of Bulgaria

I DECLARE:

To be published in the Official Gazette the law for amendment of the insurance code, adopted by the National Assembly of the HLI 19 May 2010.

Issued in Sofia on May 28, 2010.

The President of the Republic: Georgi Parvanov

Stamped with the State seal.

Minister of Justice: Margarita Popova

LAW

for amendment of the insurance code (promulgated, SG. 103 from 2005; amend., SG. 105 by 2005, issue 30, 33, 34, 54, 59, 80, 82 and 105 of 2006, issue 48, 53, 97, 100 and 109 from the 2007 No. 67 and 69 by 2008, 24 and 41/2009 and no. 19 of 2010.)

§ 1. In art. 82, para. 1 is hereby amended as follows:

1. In paragraph 1 the words "four million. and four hundred thousand ' is replaced by ' four million. and six hundred thousand. "

2. In paragraph 2, the words "six million. and four hundred thousand "are replaced by" seven million ".

3. In paragraph 3, the words "two million" shall be replaced by ' two million. and two hundred thousand ".

§ 2. In art. 162 following amendments and supplements shall be made:

1. Paragraph 3 is replaced by the following:

"(3) the insurance broker shall submit to the Commission:

1. annual reports – until 31 January of the year following the year to which they relate;

2. the half-yearly reports – up to 31 July of the year. "

2. a para. 4:

"(4) the annual and half-yearly reports shall be submitted in a form approved by order of the President."

§ 3. In art. 290 the following endorsements are added:

1. In paragraph 8. 2 Finally, item 5 shall be added after approval by the Commission.

2. Al are created. 8 and 9:

(8) the Commission shall approve the draft annual budget of the Fund or return it for processing, when contrary to the provisions of this code and the regulations for its implementation, threatens the financial stability of the Fund or the interests of the persons entitled to claim from the Fund, or when the administrative expenses of the Fund are unreasonably high, giving mandatory instructions.

(9) where, until the start of the year there is no accepted the Fund's annual budget to its adoption costs of the Fund shall be made to the size of those for the corresponding period of the previous year. In case of necessity of carrying costs with higher amount Governing Council made them after authorisation from the Commission. "

§ 4. In art. 291, para. 3, p. 6 Add "and the Commission".

Final provision

§ 5. Within three months of the entry into force of this Act, the insurance companies ' reinsurance and brought their capital in accordance with the requirements of art. 82, para. 1.

The law was passed by the National Assembly 41-Otto on May 19, 2010, and is stamped with the official seal of the National Assembly.

President of the National Assembly Tsetska Tsacheva:

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