Representatives from the transport sector, alongside clients and employees of DallBogg: Life and Health Insurance, gathered in Sofia on Thursday to protest and demand the resignation of the Financial Supervision Commission (FSC). The joint demonstration took place in front of the National Assembly and the Council of Ministers, coinciding with the first session of the 52nd Parliament. Protesters stated their demands included an immediate cessation of actions they described as regulatory overreach against the company and a halt to the rising costs associated with mandatory motor third-party liability insurance.
They warned that if their concerns were not addressed, further demonstrations could occur, potentially drawing in other segments of the economy impacted by increasing compulsory insurance rates. The protest highlights ongoing tensions within the insurance market. The dispute stems from measures taken by the FSC in early April, which imposed a ban on DallBogg from entering into new or renewing insurance and reinsurance contracts, either across all classes or specific ones.
The FSC had justified this action by stating it was necessary to protect policyholders’ interests and ensure the company’s solvency, citing alleged violations of market conduct rules and breaches of the Insurance Code. The gathering included key stakeholders from the transport sector, who view the regulatory actions as detrimental to industry operations. The protesters are calling for systemic changes within the regulatory framework governing the sector.
The group plans to proceed to the FSC headquarters following the demonstration to continue their advocacy for policy review and regulatory adjustments.
Topics: #transport #sector #insurance
