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Milen Atanasov
Insurance "Professional Liability" for Insurance Intermediaries
Summary:
This paper indicates various requirements for maintaining the insurance "Professional Liability", for insurance intermediaries, by comparing a number of features of the repealed and current regulations. The article considers how various forms of transformation into trade and legal nature, for insurance broker, influence the insurance held by him. The scope is outlined and the types of damage, that the insurance "Professional Liability" covers, when carrying out the insurance mediation from the insurance broker, are specified.
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Milen Atanasov
Critical Analysis of the Rights and Obligations of the Insurance Broker Defined in the Insurance Code
Summary:
In the present work, the rights and obligations of the insurance broker (IB), which are covered by the insurance and reinsurance activity carried out by him, are examined and systematized, according to the Bulgarian legislation. The manner in which the remuneration of the IB is determined and negotiated and the possibility of its deduction from the amount of the insurance premium is presented. The circumstances under which IB has the right to receive both insurance premiums and important information relevant to the insurance risk, as well as documents on insurance claims, are specified.
The obligations of the IB related to its information and consulting activities in informing the users of insurance services about the most rational coverage of the various types of insurance products are covered and analyzed in detail, directing individually to the most suitable of them. The obligations of the insurance company are also presented, extending to the conclusion of insurance contracts, establishing the insured event and its consequences, as well as its administrative legal obligations.
In following up and analyzing the individual types of rights and obligations of the IB, a number of proposals have been made to supplement and improve the current regulations.
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Andrey Zahariev, Stefan Stanimirov, Nikolay Todorov Zdravkov
Managerial Financial Model of an Insurance Broker in Bulgaria - Methodological and Applied Aspects
Summary:
The object of research are the insurance brokers in Bulgaria, and its subject is the methodological framework for building a management financial model of an insurance broker in Bulgaria. The leading thesis in the present study is based on the statement that the optimal financial management of a brokerage company in the insurance sector in Bulgaria requires the construction of a complex model based on the control of the financial value of the company, which allows to compare the attractiveness of various business lines, through which to develop those of them, bringing the greatest increase in the value of the company. The purpose of the development is to justify a methodological framework for building a comprehensive financial management model based on the control of the financial value of the company, which allows by forecasting the benefits and costs to compare the attractiveness of different business lines for development and expansion. The focus is on gross premium income from corporate insurance and retail brokerage. As a result of the research, forecast values for the period 2019-2023 are generated, first the exogenous variables are predicted, and on their basis - the main target variables. The constructed model has an extremely high descriptive ability - as for the historical period the two curves - with real reporting data and the modelled one - practically coincide. On this basis, the forecast part can be considered relevant for the purposes of the management financial model. Similar results are achieved in the modelling and forecasting of retail premiums, which is the basis of the insurance broker's profit.
