This article describes the procedure for filing a complaint with insurance companies in Bulgaria.
If you believe that your rights have been violated, we recommend that you take several steps in restoring justice. In Bulgaria, there is a supervisory body, the FSC (Financial Supervision Commission), with which insurance companies prefer not to get involved. In conflict situations, when the insurance company pulls the decision of your question, does not respond to your requests or performs such actions, mentioning this organization is enough to get what you want. In addition, in our practice, it has been observed that even refusals to pay insurance claims are miraculously canceled when clients show knowledge of this supervisory authority. Although, just questions of the validity of failures and the amount of payment are not the competence of this commission. But no one wants to deal with them, the fines are painfully large.
The following recommendations are made by the commission itself in relation to disputable situations. We translated and supplemented their text, taking into account the specifics of our insurance blog in Bulgaria. (The Commission for Financial Supervision does not control only issues with insurance companies).
You have a problem with your insurance, with investments in securities or with a pension fund and you think that your consumer rights were violated? Here we would like to offer you more information about what you may undertake in such cases.
1. As a first step, approach the company whose financial product or service you use and in this relation a problem has arisen.
You should know that not always the opinion of an individual official from that company, stated for instance in a personal conversation or over the phone, reflects the actual position of the company’s management. That is why it is best to address your complaint in written form to the director or some other representative of the high management, describing in detail your case. Insist on receiving a written reply. Often the companies offer a solution of the problem, but even if they reject your complaint as unfounded, it is good to have an official position. Thus, after examining the company’s motives, you will be able to judge more concretely whether their rejection is justified or not and respectively, whether to undertake any further actions.
2. Seek the Financial Supervision Commission’s assistance in case that you are not satisfied with the company’s position and in your view it does not offer solution of the problem.
We could establish if in your case the company acted in accordance with the legal requirements and if the relevant administrative actions have to be undertaken. You must know that FSC has definite legal powers and cannot take up a position or offer solutions on cases which are outside of its legal competence. Most generally, against your warning or complaint the Commission conducts an inspection whether the company whose financial product or service you use, has complied with the normative and legal requirements, timelines and procedures. In case that a violation is found out, FSC can impose administrative sanctions.
For example, if an insurance company refuses to pay compensation to you upon occurrence of an event under your insurance, FSC could undertake actions to find out whether the company acted in consistence with the statutory requirements, such for instance as giving in due time a written reply with clearly stated grounds for refusal, etc. But if you are not satisfied with the amount of the compensation paid to you or the payment of compensation was denied to you, then you have to refer to the court for further settlement of your case.
How FSC proceeds upon the receipt of a complaint
- As a first step we assess whether the information and documentation which you sent us in relation to your complaint is sufficient, so that we may be able to express reasoned opinion on the case. It is possible to contact you, if we need further information.
- Likewise, we approach the company (or the person), against which you have filed a complaint for explanations on the case and require the necessary data and information.
- The company has to reply to us within the term set, giving full clarifications and providing all information relevant to the case.
- On the basis of the received information we make detailed analysis of the concrete case.
- If we find that the company did not violate the legal requirements, timelines and procedures, we shall inform you of our opinion.
- In case that we establish existence of administrative violations, we shall take the corresponding actions, notifying you of it, as well.
- The time-limit for reply about complaints is different and depends on the specifics and the investigations on your case.
How can you file a complaint with FSC
- Prepare your complaint in writing, explaining precisely your problem and defining you requests. Enclose also the relevant documents, which have relation to the case. For instance, in case of a problem with your insurance, send a copy of the insurance policy and copies of the correspondence with the company. If you have a problem with your investment intermediary or, for example, with your pension company, you can send a copy of a concluded contract and copies of the correspondence with the companies.
- We remind you that you should send only copies of the documents, keep the originals with you.
- In the complaint you must state your name, address and if you decide so phone and/ or e-mail.
- You can send the complaint by post or file it personally on the following address:
Financial Supervision Commission
№16 Budapeshta Str. 1000 Sofia
Here you can find complaint form http://www.fsc.bg/en/for-the-consumers/complaints/
You may also send us your complaint by e-mail to address:
e-mail: [email protected]