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APPLICATION OF THE EUROPEAN FREE TRADE AGREEMENTS WITH THIRD COUNTRIES
AND THEIR IMPORTANCE FOR THE POSITION
OF CUSTOMS CONTROL IN BULGARIA
Goods origin should be regarded as a complex economic category, which, from a customs perspective, predetermines the existence of specific control guidelines. The variety of free trade agreements between the EU and third countries introduces a number of requirements, the compliance of which must be verified by the customs authorities. This ...
Goods origin should be regarded as a complex economic category, which, from a customs perspective, predetermines the existence of specific control guidelines. The variety of free trade agreements between the EU and third countries introduces a number of requirements, the compliance of which must be verified by the customs authorities. This necessitates the availability of clear technological provisions regarding the issue of proofs of origin by the Union and the verification of such proofs provided by beneficiary countries.
The study aims to assess the feasibility of the free trade agreements between the EU and third countries in our country and thus define and justify the specific characteristics of the customs procedures with regard to the origin of imported goods. This aim has been achieved through:
First. Assessment of the free trade agreements between the EU and third countries in terms of their importance;
Second. Assessment of the relevance of the European free trade agreements for the Republic of Bulgaria;
Third. Discussing the specific characteristics of the main customs procedures for control of the origin of the goods.
The main research thesis is that the provisions of free trade agreements and the related origin of imported goods are the main subject of customs control and, as being such, they have a significant impact on the foreign trade relations of our country.
As a result of the study, the importance of EU free trade agreements with third countries has been justified by the position of the customs control carried out in the Republic of Bulgaria. The foreign trade relations of our country have been analyzed and conclusions have been drawn as to the extent to which the Bulgarian business benefits from the possible customs preferences based on the origin of the goods.
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STRUCTURAL CHANGES IN THE PRODUCT PORTFOLIO OF BULGARIAN INSURANCE COMPANIES
The structure of the portfolio of insurance companies shows what consumer preferences to different insurance products are. The comparison of product structures makes it possible to determine whether there is a change in the pattern of insurance consumption, to outline the reasons if there is a change and insurers to take adequate actions in line ...
The structure of the portfolio of insurance companies shows what consumer preferences to different insurance products are. The comparison of product structures makes it possible to determine whether there is a change in the pattern of insurance consumption, to outline the reasons if there is a change and insurers to take adequate actions in line with new trends in consumer demand.
The objective of this article is to assess the strength of the structural changes in the product portfolio of Bulgarian insurance companies. The assessment of the structural changes is done by tracing the dynamics in the distribution of Gross Premium Income by insurance sectors and insurance classes and also on the basis of the values of the integral coefficient of structural changes. The thesis defended is that tracking changes in the product structure makes it possible to identify the dynamics of the market shares of the insurance sectors and the insurance classes, to outline the trends in their market positions and to assess the degree of change in the consumer preferences.
In order to achieve the objective and to prove the thesis, the following tasks have been formulated: formation of the structure of the insurance market by calculating the market shares of general and life insurance; formation of the structure of the product portfolio in general and life insurance by calculating the market shares of different types of insurance; establishing the changes in the positions of the individual insurance sectors and insurance classes in the product structure; characterizing the strength of the outlined structural changes.
The survey results show that there have been changes in consumer preferences for different insurance products during the period under review. The changes in the product structure of life insurance are the most significant.
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INFLUENCE OF THE LEGAL FRAMEWORK
IN DETERMINING THE REQUIRED AMOUNT
OF TECHNICAL RESERVES FOR MOTOR THIRD PARTY LIABILITY INSURANCE
The problems arising from the recent global financial and economic crisis have led to a rethinking of many texts both in local laws and at Community level. New rules and regulations have gradually been introduced concerning all economic agents operating within the European Union. The introduction of these regulations in the field of insurance is ...
The problems arising from the recent global financial and economic crisis have led to a rethinking of many texts both in local laws and at Community level. New rules and regulations have gradually been introduced concerning all economic agents operating within the European Union. The introduction of these regulations in the field of insurance is associated with the adoption of Solvency II Directive. The implementation of the Directive in the Bulgarian legislation was realized with the adoption of a new Insurance Code, effective as of 1 January 2016 and Financial Supervision Commission’s Ordinance No 53 of 19 January 2017, which determines the order and method of allocation of technical reserves by the insurers working on the Bulgarian insurance market.
The study assesses the impact of the regulatory framework on the technical reserves of insurance companies offering Motor Third Party Liability Insurance. It outlines the problems that insurers have to deal with and the effect that the methods, used for calculating the required amount of technical reserves, have on the insurance company’s balance sheet.
The study has shown that there are differences in the methodologies described in the Solvency II Directive and Ordinance No 53 of Financial Supervision Commission. They concern the valuation of insurance companies’ assets and liabilities, the recognition of cash flows and the treatment of insurance income and expenses. Therefore, legislative changes are needed to synchronize the requirements of Bulgarian legislation with the European Directive Solvency II, with a view to optimizing the amount of technical reserves for Motor Third Party Liability Insurance.
