Financial Supervision Commission Head resigns to take a post at EBRD

The Chair of the Financial Supervision Commission Karina Karaivanova is leaving the post three years earlier. She will become a representative of Bulgaria at the European Bank for Reconstruction and Development. Last year, deputy chair off the agency Ralitsa Again, who was responsible for the Insurance sector, resigned over "Olympic" insurance company insolvency scandal.

For six months, the Financial Supervision Commission has not appointed permanent Deputy Chair responsible for insurance. Currently, an employee of the department is temporarily acting as such. According to Karina Karaivanova, Ralitsa Again's replacement was not elected, because there was no one who was liked by all parliamentary groups.

The Financial Supervision Commission has two main tasks in the Insurance sector: the introduction of the bonus-malus incentives system and the exit from the European monitoring of the Green Card Insurance.

Karina Karaivanova, FSC's resigning chairman: I believe that measures will be taken as quickly as possible to find replacements for the vacant posts.

Regardless of the situation in the insurance sector, Karaivanova has assured that she leaves the Commission in very good condition and that she has fulfilled all the goals she has set.

The resignation of Karaivanova is due to be approved by the National Assembly.

Karaivanova's career began as an expert in the Ministry of Finance, reaching the position of Deputy Minister. She was elected as Chair of the FSC in 2016. Upon taking office, she presented a concept with clearly defined commitments that she had to fulfill in a period of six years.