New Insurance License Granted to MFG Ins

For the first time in nearly 10 years, the Financial supervision commission issued a new insurance license. We are proud to announce that our client MFG Ins EAD (part of the MFG group, specializing in non-banking financial services) has been granted an insurance license with the right to access the European single market under the Solvency II framework in force since 2016.

The license covers the provision of niche insurance services within 4 classes of insurance: “Miscellaneous Financial Loss”, “Accident”, “Travel assistance” and “Fire and natural disasters”.

The insurance services that MFG Ins EAD would offer will build on the group’s experience and reputation in the non-banking financial sector – a total of 15 active registrations and licenses for various regulated activities issued by the BNB and the relevant supervisory authorities of Romania, Russia, Poland, Estonia, Ukraine and North Macedonia.

The success of the project, which lasted more than 10 months, was due to the good expertise and organization of our client, as well as the experience of Ivan Antov, a partner at Tokushev & Partners, in the field of insurance and licensing. Ivan Antov led the firm’s team, including Boris Teknedzhiev, Margarita Mitkova and Bogdan Karadzhov. The success would not be possible without the excellent interaction with the leading expert in the regulation of non-banking financial institutions in Bulgaria – attorney-at-law Alexander Ivanov from Musseva & Ivanov Law Firm.