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, involving industry organizations and staff from the insurer, took place in front of the National Assembly and the Council of Ministers, marking the first sitting of the 52nd Parliament. The protestors articulated several key demands, specifically calling for the FSC’s resignation.
Furthermore, they demanded an immediate cessation of what they described as ongoing repression against the company and an end to the “criminal increase in prices of mandatory motor third-party liability insurance.” The demonstrators warned that further protests would occur if their demands were not met, suggesting that other economic sectors impacted by rising compulsory insurance costs might also participate. The protest stems from regulatory actions taken by the FSC. Earlier in April, the commission imposed a ban on DallBogg: Life and Health Insurance, restricting the company’s ability to enter into new insurance or reinsurance contracts, or to extend or expand existing ones.
The FSC cited violations of market conduct rules and breaches of the Insurance Code as the basis for this measure, stating that the action was intended to safeguard policyholders’ interests and ensure the company’s solvency. The collective action highlights ongoing tensions between the industry stakeholders and the regulatory body overseeing the sector.
Topics: #transport #sector #insurance
