Government urges FSC Deputy Head to resign over the case of bankrupt insurer

The Council of Ministers calls on Financial Supervision Commision’s Deputy Head, Ralitsa Agayn, to resign from the post. This was announced by Finance Minister Vladislav Goranov after a meeting with Prime Minister Boyko Borissov at the Council of Ministers on 20^th of August. The resignation was demanded in the wake of the bankruptcy of a Cyprus-based insurance company Olympic that left some 200 000 car owners without mandatory third-party liability insurance.

Goranov commented that Agayn could not be released by the government because the members of the Financial Supervision Commission were elected by the National Assembly. After the meeting it became clear that serious deficiencies in the regulator's work were identified .

Minister Goranov said that today, Foreign Minister Ekaterina Zaharieva will invite the Cypriot ambassador to clarify the situation about the bankrupt Cypriot-registered company "Olympic".