The OECD has successfully completed the review of private pension insurance in Bulgaria

The review of Bulgaria's compliance with the legal instruments of the Organization for Economic Cooperation and Development (OECD) in the field of private pension insurance has been successfully completed, the Ministry of Finance (MoF) announced.

The department informs that on August 2 of this year A letter has been received from the Chair of the Private Pensions Working Group of the Insurance and Private Pensions Committee advising us that the Private Pensions Review has been successfully completed. The letter expresses a positive assessment of our country's ability to implement the legal instruments of the OECD in the field of private pension insurance, and highly appreciates the excellent cooperation between the Bulgarian institutions and the OECD in conducting the technical review.

The review of Bulgaria's compliance with OECD legal instruments in the field of private pension insurance began in 2023 as part of the process of joining the organization. The MoF and the Financial Supervision Commission (FSC), as co-chairs of the interdepartmental working group on the review and in partnership with the Ministry of Labor and Social Policy (MLSP), have prepared self-assessments in the Working Group on Private Pension Insurance of the Committee, recall the course of the talks from the Ministry of Finance. In February this year The MoF is hosting an OECD exploratory technical mission in our country, within the framework of which the Ministry, together with the FSC and the MLSP, are organizing a series of meetings to review the implementation of OECD legal instruments in private pension insurance and the compliance of our legislation with the recommendations of the Organization for the Regulation of Private Pension Insurance. They are attended by representatives of the National Insurance Institute, the National Revenue Agency, the Bulgarian Association of Supplementary Pension Insurance Companies and the social partners - KNSB, CT "Podkrepa", the Association of Industrial Capital in Bulgaria, the Bulgarian Chamber of Commerce, the Bulgarian Chamber of Commerce and Industry, Confederation of Employers and Industrialists in Bulgaria, Union for Economic Initiative.

After the mission and additional information provided by the Bulgarian side to the representatives of the OECD, a meeting of the Working Group on Private Pension Insurance of the OECD for the review of Bulgaria was held in June, with which the technical review was completed, the MoF also notes.

The financial department states that after the successful completion of the review, the Bulgarian side is not required to take short-term measures before joining the OECD. Institutions are expected to consider follow-up actions to further improve the pension system by improving compliance with OECD standards and best practices, the announcement said. The MoF adds that the undertaking of changes in the field of pension insurance is of high social significance and should be agreed with all competent institutions and interested parties - insured persons, pensioners, pension insurance companies, social partners, taking into account the specifics of the Bulgarian pension system.

The Finance Ministry also states that the accession of our country to the OECD and the implementation of the best international policies and good practices is one of the key priorities for the Bulgarian state, as it will stimulate the acceleration of reforms in the country and our rapprochement with the most economically developed countries. countries. Our membership in the Organization will contribute to sustainable economic development and financial stability, according to the Ministry of Finance.

Before that, the FSC announced the mission of the Committee for Insurance and Private Pension Insurance at the OECD and the review of the supplementary pension insurance in our country. The Chair of the Committee's Working Group on Private Pension Insurance considers the strengths of supplementary pension insurance, including the multi-pillar pension model, robust legal framework and competent risk-based supervision, the FSC said.