Statement from the office of Mr. Tihomir Kamenov, Founder of DallBogg and representative of the shareholders

New York–Zurich–Sofia

In response to a statement issued by the Financial Supervision Commission (FSC) to the media today, as well as the insinuations and false claims made therein, we wish to clarify the following:

1. Since the FSC-appointed special administrators took over ZAD DallBogg: Life and Health, no rent has been paid to date, despite repeated requests.
2. From June 9 of this year to the present, hundreds of claims have been processed by DallBogg’s experts but are being deliberately withheld by the FSC-appointed special administrators, despite the availability of funds in the company’s accounts.
3. “Objective” reasons given for the non-payment of claims to date have included “organizational, financial, and personnel chaos”; now “the office relocation” has been added to the list—but not the sporadic visits by the FSC-appointed special administrators, who have made no even minimal effort to organize the employees’ work.
4. The revocation of the license, touted as “a measure to protect the interests of policyholders,” is not in the interest of citizens and the company’s customers, but rather serves to delay, drag out, and fail to address the claims and complaints that have been filed. Evidently,the FSC-appointed special administrators have other plans for the company’s cash reserves, but not to protect the interests of the insured, which indicates that the true goal is to deliberately drive the company into bankruptcy and looting, after the gang at the Financial Supervision Commission (FSC) revoked the license using a secret methodology for recalculating the projected values of technical reserves.

For more information: see here.

In 25 days, the receivers—who receive enormous salaries—have not paid a single claim for any loss in Bulgaria or Europe! The Financial Supervision Commission (FSC) is not interested in the rights and interests of policyholders and does not protect them! The repeatedly circulated lies mask the inability to manage the largest and best-organized Bulgarian insurance company—operating in six European markets—which has been deliberately driven toward bankruptcy for many months and is now being stripped of its assets.

All lawful transactions involving fixed assets, carried out prior to the April 2 ban by the company’s lawful management, have been paid in full at prices reported and confirmed by an independent appraiser appointed by the Financial Supervision Commission (FSC). This has ensured sufficient cash reserves and high liquidity, specifically to protect the interests of those awaiting compensation and the insured individuals. Now, the FSC and the receivers are not paying out compensation; instead, they are seeking to void the transactions and are spreading old lies.

The inspections in Poland and Romania in 2025 have been ordered, and the decisions to suspend sales were prompted by the FSC. Golemanski was appointed on March 27, 2025 (upon the recommendation of V. Goranov, who was sanctioned under the Global Magnitsky Act for corruption), immediately visited Poland, and on April 16 of that year received the sought-after decision to suspend DallBogg. DallBogg is not first in terms of the absolute number of complaints in Poland, even though it has significantly more active policies than the insurer with the most complaints—another Bulgarian player who hasn’t suffered a single scratch! In Romania, unpublished statistics are being used that are in sharp contrast to the published ones.

Directive 2009/138/EC is clear: all decisions are made by the insurer’s home regulator. Petra Hilkema, Chair of EIOPA: “Finally, we emphasize that, regardless of the process provided for, the aforementioned EIOPA reports do not affect the supervisory responsibilities of the FSC (FSC). Supervisory materials (such as FSC documents) and supervisory decisions, including their enforcement with respect to insurance and reinsurance undertakings established in Bulgaria, remain entirely within the competence of the FSC“.

The hysterical attempts by Danailov and Golemanski to mete out justice through the media and incite other state agencies against DallBogg are a farce: their attempt to steal DallBogg has been documented, and the responsibility for their raider attack will haunt them for the rest of their lives!

Today, the mafia within the Financial Supervision Commission (FSC) and its mentors, about whom we have been informing the public and the new government for a long time, completed what the text describes as their conspiracy. After demanding that the owners hand over the company and not receiving it, they revoked its licence today. The financial suffocation, insinuations and manipulations have continued for more than 14 months. Despite all what the statement describes as unfounded accusations, DallBogg and its shareholders are already cooperating with the court-appointed conservators in order to ensure the strict implementation of the law and stand fully ready to cooperate with all notified law-enforcement authorities in establishing the truth.

The insurer, its employees and customers demand Resignations and Removal

Today, 3 June 2026, the sixth consecutive protest will take place, beginning at 10:00 a.m. in front of the Council of Ministers and the National Assembly, and continuing at 11:00 a.m. in front of the Financial Supervision Commission (FSC). The protest seeks a parliamentary solution, initiated by the government, concerning the accountability of the regulator. The organizers are unanimous that the protests will continue until their voices are heard and the leadership of the insurance supervision authority is replaced by Parliament. They emphasize the following:

DallBogg has no liquidity problems. According to the organizers, the FSC is insinuating problems through manipulated forecasts, using technical reserves and assumptions that, they argue, should not be applied to an insurer whose revenues have been compulsorily suspended by the same unchecked regulator for 14 months in Poland, 11 months across Europe, and 2 months in Bulgaria.

The systematic attempt to hide behind the European Insurance and Occupational Pensions Authority (EIOPA) is, according to the organizers, being used to mislead politicians and the public. In fact, pursuant to Directive 2009/138/EC of 25 November 2009, Article 30(1):

“The financial supervision of insurance and reinsurance undertakings, including that of the business carried on through branches or under the freedom to provide services, shall be the sole responsibility of the home Member State.”

The application of this directive was also expressly confirmed, according to the statement, by EIOPA Chair Petra Hielkema in a letter to DallBogg dated 15 April 2026:

“…Finally, we emphasize that, irrespective of the envisaged process, the EIOPA reports referred to do not affect the supervisory responsibilities of the FSC. Supervisory materials, as documents of the FSC, and supervisory decisions, including their implementation with regard to insurance and reinsurance undertakings established in Bulgaria, remain entirely within the competence of the FSC.”

According to the organizers, the repressive dismantling and deliberate destruction of the largest and best-capitalized insurer through the alleged abuse of immediately enforceable and disproportionate coercive supervisory measures constitutes a matter of national security. They argue that Parliament can only remove the Chair of the FSC and appoint a new Deputy Chair responsible for insurance supervision during the current month, while having no other effective oversight mechanisms over what they describe as the unlawful, unjustified and abusive exercise of the FSC’s unchecked powers.

The protesters further state that an adequate institutional response by the governing authorities, together with an objective review of all FSC actions over the past 16 months by the competent supervisory and law-enforcement authorities, would demonstrate that the rule of law is respected in Bulgaria and that legal guarantees are applied equally to all economic operators. They call for equal standards of supervision, legality, proportionality and fairness. Otherwise, they argue, a dangerous precedent will be created that could effectively result in the destruction of a financially sound company before a court has established the existence of final and indisputable serious violations warranting the severe and harmful measures that have allegedly been imposed on DallBogg for more than a year. According to the organizers, this would have irreversible consequences not only for DallBogg but also for Bulgaria’s already strained state budget and, subsequently, for the confidence of both Bulgarian and foreign investors in the stability and predictability of the Bulgarian state and its institutions.

The protest took place in the Triangle of Power in Sofia. The participants sought answers to a number of questions, including:

Why is the gang within the FSC demanding a record increase in technical reserves after prohibiting the issuance of new insurance policies? Who ordered this alleged unlawful action and the destruction of the country’s largest insurer?

Why is the Commission allegedly attempting to force DallBogg into bankruptcy on false grounds while misleading the public?

Is the insurance cartel motivating the alleged abuse of unchecked regulatory power?

Does the new government realize that the state regulator is allegedly causing a forced bankruptcy that could engage the liability of the State?

The protesters also expressed their support for the 79 motorcycle clubs, the Institute for Road Safety, the Union of International Carriers, and the Bulgarian Association of Road Transport Organizations (BASAT), all of which have unanimously called for the removal of the leadership of the Financial Supervision Commission, arguing that it has failed the institution.

Using entirely incorrect data and “secret” forecasts, Decision No. 237-03 of 9 April 2026 directly and substantially contradicts the earlier Decision No. 610-03 of 9 October 2025—both adopted by the current leadership of the Financial Supervision Commission (FSC). The first decision, signed by nine experts, compulsorily increased DallBogg’s technical reserves to BGN 254.6 million. DallBogg complied with this FSC requirement in advance, by the end of the third quarter of 2025, thereby completely frustrating what is described as the original unlawful plan to bankrupt the insurer.

Following the failure of that plan, on 9 April 2026 the FSC, for a second time—and this time with the signature of the Chairman alone—decided to require a compulsory increase in gross technical reserves, but now on an unprecedented scale that is presented as impossible for DallBogg, or any other Bulgarian insurer, to meet: increasing them to BGN 745.7 million. This represents almost a threefold increase in the target level of technical reserves, recalculated “behind closed doors,” from BGN 254.6 million within only a few months. According to the text, this second increase places DallBogg into the most severe pre-bankruptcy procedure. It argues that the FSC is acting in a manipulative manner because, during the second half of 2025, DallBogg’s cross-border operations had already been suspended, whereas technical reserves are established to cover future claims arising from newly issued insurance policies. When the number of policies increases, an increase in reserves may be expected; when the number of policies decreases threefold, a proportional reduction should be expected. Consequently, it argues that the increase is effectively approximately six times greater when comparing 2024 with 2025. A rhetorical question is posed: Why does the FSC require an increase in reserves after prohibiting the issuance of new policies? Who ordered this alleged unlawful action and the destruction of the country’s largest insurer?

Today, in addition to everything else that has already been stated, DallBogg reportedly has approximately 400,000 active policies in Bulgaria and abroad, for which the FSC has determined technical reserves amounting to BGN 745.7 million, whereas only a few months earlier, with 1.2 million active policies, the FSC had determined gross technical reserves of BGN 254.6 million. According to the text, the use of allegedly false data, data corrected by the insurer, and manipulated forecasts purportedly originating from the Green Card Bureaux does not even ostensibly provide the FSC with a lawful or prudent basis, under Decision No. 237-03 of 9 April 2026, to suspend all sales and the entire business activity of DallBogg, including in Bulgaria. Nevertheless, it alleges that, through the abuse of unchecked regulatory powers, this was done solely for the purpose of forcing the insurer into bankruptcy.

DallBogg has submitted a short-term realistic recovery plan to the FSC, providing that by 30 June 2026 the insurer will maintain technical reserves of BGN 179.3 million, at which time it expects to have only 250,000 active insurance policies. Everyone is now waiting to see the FSC’s decision on the submitted plan and hopes that the regulator has abandoned what the text describes as its unlawful objective of bankrupting the fundamentally sound, severely weakened, but financially solid DallBogg at any cost. Otherwise, it warns, the consequences will be severe for everyone.

To date, 79 motorcycle clubs, the Institute for Road Safety, the Union of International Carriers, and the Bulgarian Association of Road Transport Organizations (BASAT) have unanimously called for the removal of the FSC leadership, arguing that it has failed the institution.

TO: Mr. Rumen Radev Prime Minister of the Republic of Bulgaria

FROM: Institute for Road Safety

DEAR MR. PRIME MINISTER,

The Institute for Road Safety is addressing you at a time of unprecedented public tension. The compulsory Motor Third Party Liability Insurance, affecting more than 3 million Bulgarian citizens, has ultimately lost its social function and has been transformed into a private quasi-tax.

This report provides what it describes as indisputable evidence that the Financial Supervision Commission (FSC) is a failed institution that systematically refuses to protect the public interest, acting instead as a shield for corporate interests. The only unavoidable solution to overcoming the crisis is to replace the leadership of the FSC and implement a radical reform of the supervisory model.

EVIDENCE OF THE FSC’S FAILURE: 15 YEARS OF SABOTAGE

The institutional weakness of the FSC is not the result of incompetence but, according to the report, of deliberate passivity. The following facts are presented as evidence of the regulator’s complete failure.

1. Chronicle of Criminal Inaction:

The “Bonus-Malus” Case

For more than 15 years, Bulgaria has remained the only country in the European Union without an operational Bonus-Malus system.

• The insurance lobby has no economic interest in introducing such a system because more than 80% of Bulgarian drivers have clean records and, under a fair model, their insurance premiums would have to decrease substantially.

• During these 15 years, the FSC organized dozens of “public consultations” and produced several cosmetic and deliberately impracticable proposals with the sole purpose of delaying and prolonging the process. According to the report, this constitutes direct sabotage against the financial interests of Bulgarian taxpayers.

2. Complete “Blackout” and Lack of Market Oversight

The FSC has allegedly allowed a complete absence of supervision over pricing. Insurance companies increase Motor Third Party Liability insurance premiums without any publicly available, economically justified methodology. The regulator has not conducted a single public audit demonstrating whether the price increases correspond to actual claims experience or result from an alleged cartel agreement.

3. Capitulation in Consumer Protection

While insurance companies accumulate millions in revenue, citizens face cumbersome procedures, refusals to pay compensation, and reduced assessments of damages. According to the report, the FSC functions merely as a “mailbox” for complaints without imposing effective sanctions capable of disciplining the market.

THE PEAK OF PUBLIC DISCONTENT

Dear Mr. Prime Minister, The accumulated public anger can no longer be contained through bureaucratic explanations. The absence of action by the state is interpreted as institutional protection of the insurance sector. The approaching public protests are described as a direct consequence of the perception that the regulatory authorities are powerless. When the regulator is perceived as either compromised or intimidated, the only remaining defender of citizens is the executive branch represented by the Council of Ministers.

THE UNAVOIDABLE SOLUTION: A PACKAGE OF URGENT MEASURES

The Institute for Road Safety calls for your decisive intervention through the following steps:

1. Personnel Reset of the FSC Immediate action to terminate the mandates and replace the current leadership of the Financial Supervision Commission due to the alleged systematic failure to fulfil its statutory obligations and the complete loss of public confidence. Appointment of new officials with proven integrity and no connections to the alleged insurance cartel.

2. Audit Appointment of an independent inter-agency investigation (with the participation of the State Agency for National Security (SANS) and the National Revenue Agency (NRA)) into the financial flows within the insurance sector, the relationship between collected premiums and paid claims, and potential conflicts of interest within the FSC itself.

3. Bonus-Malus Ultimatum Establishing a clear and short deadline (no longer than six months) for the newly appointed FSC leadership to implement either the French or the German Bonus-Malus model, adapted for Bulgaria.

CONCLUSION

Mr. Prime Minister, According to the Institute for Road Safety, reform of insurance supervision is no longer merely an expert issue—it has become a matter of national security and social stability. Maintaining the current situation within the FSC would, in the Institute’s view, amount to complicity in the depletion of Bulgarian household incomes. The time for compromise has expired. Political will, new leadership, and a radical break with existing dependencies are now required.

Respectfully,

Team of the Institute for Road Safety

TO:
MR. RUMEN RADEV
PRIME MINISTER
OF THE REPUBLIC OF BULGARIA

and

MR. VASIL GOLEMANSKI
CHAIRMAN OF THE
FINANCIAL SUPERVISION COMMISSION

Regarding Your Ref. No. 92-00-213/15.05.2026

COPY TO:

MS. SONYA BOZHIKOVA
HEAD OF THE RECEPTION DEPARTMENT
AT THE ADMINISTRATION OF THE COUNCIL OF MINISTERS

Regarding Your Ref. No. 642/26 of 11.05.2026

MR. GALAB DONEV
MINISTER OF FINANCE
OF THE REPUBLIC OF BULGARIA

MS. MIHAELA DOTSOVA
CHAIRPERSON OF THE NATIONAL ASSEMBLY
OF THE REPUBLIC OF BULGARIA

MS. VELISLAVA DELCHEVA
OMBUDSMAN OF THE REPUBLIC OF BULGARIA

MR. ALEKSANDAR KOLYACHEV
ACTING CHAIRMAN OF THE
CONSUMER PROTECTION COMMISSION

MR. ROSEN KARADIMOV
CHAIRMAN OF THE
COMMISSION FOR PROTECTION OF COMPETITION

DEAR MR. RADEV,
DEAR MR. GOLEMANSKI,

In connection with the MEMORANDUM submitted to the Prime Minister of the Republic of Bulgaria, signed by me as the representative of 79 motorcycle clubs, groups and organizations of free motorcyclists in the Republic of Bulgaria, as well as in connection with the subsequent communication from the Financial Supervision Commission, I hereby state unequivocally that:

I HAVE NOT SUBMITTED AN INDIVIDUAL COMPLAINT TO THE FINANCIAL SUPERVISION COMMISSION.

In connection with the MEMORANDUM submitted to the Prime Minister of the Republic of Bulgaria, signed by me as the representative of 79 motorcycle clubs, groups and organizations of free motorcyclists in the Republic of Bulgaria, as well as in connection with the subsequent communication from the Financial Supervision Commission, I hereby state unequivocally that:

The official MEMORANDUM submitted to the Council of Ministers was addressed to the Prime Minister of the Republic of Bulgaria and signed and supported by 79 motorcycle clubs, groups and organizations of free motorcyclists. The remaining institutions were copied solely because of their competence regarding the different aspects of the issue and in order to keep them officially informed of the communication and the public concern surrounding the matter.

It is unacceptable for the institutions to speak about future legislative amendments when, at present, there is no sufficiently effective control over the implementation of the existing legislation and compliance with Article 489, Paragraph 4, Item 4 of the Insurance Code, where, following previous protests, the possibility was introduced to take into account the specific characteristics of category “L” motor vehicles.

The Insurance Code still allows a different approach to be applied to these vehicles. Nevertheless, for years the insurance sector continued to offer primarily one-year insurance policies with the option of payment in four instalments, under which a significant proportion of motorcyclists pay the first two or three instalments and then discontinue payments outside the active riding season.

This model did not emerge suddenly but existed for years and was visible to the supervisory authorities. Given that representatives of both the insurance sector and the FSC now publicly acknowledge that more than 50% of premiums are never collected and that the calculations do not balance, a legitimate question arises as to why the FSC failed to undertake timely and adequate supervisory and control measures much earlier, instead allowing the accumulation of this problem to be compensated through a sharp and economically unjustified increase in insurance premiums during a period of exceptional public and economic sensitivity related to the introduction of the euro in the Republic of Bulgaria.

The letter from the Administration of the Council of Ministers clearly shows that the MEMORANDUM was officially registered and forwarded, within the respective competencies, to the Ministry of Finance and the Financial Supervision Commission, with a copy to the representative of the motorcycle community, Krasimir Pargov, pursuant to Article 112 of the Administrative Procedure Code, in conjunction with Article 20, Paragraph 1 of the Administration Act and Article 65, Item 10 of the Rules of Procedure of the Council of Ministers and its Administration.

Under these circumstances, any subsequent communication should be carried out in accordance with the established administrative procedure and procedural sequence between the competent institutions, rather than through attempts at direct communication with representatives of the motorcycle community who are not the administrative addressees of the forwarded file.

The FSC, the Commission for Protection of Competition (CPC) and the Consumer Protection Commission (CPCP) failed to take timely and adequate action even after the reports and complaints submitted by Attorney Miglena Nikolova. Instead of real action, the motorcycle community received formal administrative responses, the shifting of responsibility between institutions, a lack of genuine oversight and conduct that created a serious public perception within the motorcycle community of a lack of impartiality and effective supervision over the insurance sector.

It is particularly telling that only at 4:50 p.m. on 15 May 2026, less than an hour and a half before the officially announced nationwide protest, the Chairman of the FSC sent a letter initiating dialogue, inspections and working groups. The opportunity for a timely and constructive response by the regulatory authorities had already been missed after the first reports and meetings.

At present, communication has reached an entirely different public and institutional level following the submission of the MEMORANDUM to the Council of Ministers, the official notification of the competent institutions, the nationwide protest involving tens of thousands of participants, the official data provided by the Ministry of Interior under the Access to Public Information Act, and the significant loss of public confidence in the actions of the regulatory authorities.

We further draw attention to the fact that the official data provided by the Ministry of Interior under the Access to Public Information Act do not demonstrate any statistical increase in road traffic accidents caused by drivers of mopeds and motorcycles that could justify such a drastic increase in insurance premiums.

Nevertheless, effective oversight over the implementation of the existing legislation remains lacking, as do adequate actions by the regulatory authorities to protect consumers, verify the methodology for determining prices, and guarantee compliance with the principles of transparency, good faith and economic justification.

At the same time, actions were observed on the part of the Road Infrastructure Agency and regional road administration officials involving attempts to obstruct and hinder lawfully notified protest actions. Following the initial notifications submitted to the Agency, identical letters were sent to numerous locations throughout the country containing warnings regarding prohibitions, administrative sanctions and restrictions, forcing the organizers to submit repeated notifications for the protest processions.

These actions created additional tension, difficulties in organizing the protests, and justified concerns regarding administrative pressure on the organizers and participants in lawfully declared civil protest actions. This raises an extremely serious issue regarding the protection of the fundamental constitutional right to protest and to freely express a civic position.

In contrast, we express our gratitude to the officers of the Ministry of Interior and the Traffic Police throughout the country, who professionally and responsibly ensured the safe conduct of the protest processions and maintained public order and the safety of the participants.

We call upon the Council of Ministers to carry out a comprehensive review of the actions and omissions of the above-mentioned institutions and to take the necessary measures within its powers.

In view of all the above circumstances, and on behalf of 79 motorcycle clubs, groups and organizations of free motorcyclists in the Republic of Bulgaria, WE DEMAND THE IMMEDIATE RESIGNATIONS of:

• the Chairman of the Financial Supervision Commission;
• the Chairman of the Commission for Protection of Competition;
• the Chairman of the Consumer Protection Commission;
• the Chairman of the Road Infrastructure Agency.

The leadership of these institutions has allowed a serious loss of public confidence, failed to fulfil in a timely and adequate manner its obligations to protect the public interest and the rights of citizens, responded only formally to the submitted reports, and allowed public tensions to escalate nationwide.

RESPECTFULLY,
KRASIMIR PARGOV
Representative of 79 motorcycle clubs and groups in the Republic of Bulgaria, in accordance with the attached list.

STATEMENT OF BASAT

(Bulgarian Association of Road Transport Organizations)

The Bulgarian Association of Road Transport Organizations (BASAT) expresses its deep concern regarding the actions of the Financial Supervision Commission (FSC), which directly affect the competitive environment in the insurance sector and lead to a significant increase in costs for the transport industry and all consumers.нспортния бранш и всички потребители.

In recent years, the transport sector has faced unprecedented pressure—increasing fuel prices, road tolls and administrative burdens. In this environment, insurance costs have become a critical factor for the survival of businesses.

For this very reason, the emergence of genuine competition in the market, resulting in more affordable prices, provided much-needed relief for the entire sector.

Instead of protecting competition – restricting it

The actions of the FSC, which resulted in restricting the activities of an insurer that offered better conditions on the market, raise serious questions.

Instead of encouraging a competitive environment, the impression has been created that the opposite is happening—that the market is being “closed” and returned to a model in which prices remain within a range convenient for a limited number of participants.

This calls into question the role of the regulator as an independent authority.

Concerns about market distortion

The developments observed in the sector naturally raise questions as to whether:

conditions are being created to maintain high price levels through coordinated behaviour;
pressure is being exerted on market participants who disrupt this model;
interests other than the public interest are being served.

BASAT cannot overlook the fact that the effect of these actions is one and the same – higher costs for businesses and citizens.

Risk of a dangerous scenario

It is particularly alarming that these developments resemble models in which:

first, a market participant is weakened;
then, its access to the market is restricted;
subsequently, conditions are created for the redistribution of market positions and assets.
Bulgarian society has already paid a high price for similar scenarios in the past.
For this reason, transparency and clarity are now more necessary than ever.

BASAT has already notified the institutions

In connection with the above, BASAT has officially submitted notifications to all competent institutions, including:

the Commission for Protection of Competition (CPC);
the Consumer Protection Commission (CPCP);
the Financial Supervision Commission (FSC);
the Office of the President of the Republic of Bulgaria;
the Ombudsman of the Republic of Bulgaria;
the Council of Ministers.

We expect the institutions to act immediately and conduct a full, objective and transparent investigation into what is taking place in the sector.

Who pays the price?

The price is paid by:

Bulgarian transport operators;
small and medium-sized businesses;
every Bulgarian citizen.

Every restriction of competition leads to one result only — higher prices.

Our demands

BASAT calls for:

full transparency in the actions of the FSC;
clear decisions supported by publicly available reasoning;
guarantees of genuine and free competition in the sector;
protection of the interests of businesses and consumers.

The insurance market cannot be governed through restrictions and suspicions of selective treatment.

The regulator must serve as a guarantor of balance, not as a factor contributing to market distortion.

Otherwise, the consequences will be severe—not only for the sector but for the entire economy.

Bulgarian Association of Road Transport Organizations (BASAT)

Insurers and citizens call for resignations, investigations and accountability over tensions in the sector.

Another protest against the leadership of the Financial Supervision Commission (FSC) took place in Sofia. Dissatisfied citizens and representatives of the insurance sector once again took to the streets, calling for resignations, investigations and criminal accountability for the regulator’s actions.

During the demonstration, protest materials containing strong criticism of the FSC’s management and its decisions concerning the insurance market were distributed. Participants in the protest claimed that the institution’s actions were creating tensions within the sector and putting both the operations of insurance companies and the interests of their customers at risk.

The protesters called on the state institutions and the National Assembly to intervene by seeking changes in the leadership of the regulator and carrying out a comprehensive review of the disputed decisions and administrative actions.

The criminal Pl. Danailov, together with V. Golemanski, organized the cartel in the insurance sector and the plunder of DallBogg.

Golemanski (GERB) and Danailov (ITN) are highly incompetent!

New National Assembly – free the regulator from these criminals, cartel members and incompetent plunderers!

Through a serious abuse of the FSC’s unchecked powers, Danailov (ITN) organized the insurance cartel and is now misleading motorcyclists and the heavy transport sector by claiming that he will investigate it—”yes, but no,” he will be investigating himself! The solution is simple: Restore competition. Let DallBogg operate!

On 23 March 2026, we officially informed him (Ref. No. RG-10-79-23): “You have committed a serious crime: extortion, coercion and unlawful administrative pressure…” He responded with shameless silence and continued the alleged unlawful actions. On 17 April 2026, two days before the elections that brought change, Danailov allegedly sent the extortion intermediary Leona Aslanova, who provided her personal identification number and bank account details, in order to deliver a raider-style ultimatum for the daylight seizure of DallBogg, the largest, independent and best-capitalized Bulgarian insurer, which the FSC has allegedly been financially suffocating for one year through a ban on sales, the blocking of the registration of a record capital increase and the devaluation of its assets. Justice is slow, but no one may derive rights from their own unlawful conduct.

Golemanski and Danailov are now allegedly organizing the destruction of DallBogg through secret forecasts covering the next 10 years, commissioned “confidentially” under the cover of EIOPA. They speak of an alleged deficit of EUR 300 million. None of the fears or forecasts promoted by these alleged criminals has ever come true! They spread rumours about a pyramid scheme—in a manipulative attempt to justify their own alleged unlawful actions and, at the same time, because of profound incompetence regarding the logic, functioning and purpose of the solidarity-based business model in insurance (to be continued).

The final battle against the gang of marauders and cartel members is beginning.

The new National Assembly must immediately remove the alleged criminals from the FSC, free the captured state regulator, abolish the prohibition on competition and repeal its harmful coercive administrative measures.

The Prosecutor’s Office must accelerate its work on all reports submitted against the alleged criminals within the FSC and seek their immediate removal through the courts, a step that is long overdue in the public interest.

The criminal Pl. Danailov, together with V. Golemanski, organized the cartel in the insurance sector and the plunder of DallBogg.

Golemanski (GERB) and Danailov (ITN) are highly incompetent!

New National Assembly – free the regulator from these criminals, cartel members and incompetent plunderers!

Insurance, like pension insurance, is a solidarity-based model for managing risks and expected events. The National Social Security Institute (NSSI) and the pension funds pay pensions using new contributions from actively employed people and the state budget, while the reserves are managed in order to generate returns and keep pace with inflation. The FSC is not under guardianship, yet it ignores the principle of horizontal and vertical risk distribution—the foundation of the solidarity model.

Danailov makes the absurd claim: “If you rely on new premiums to pay incurred claims… that is a classic pyramid scheme.” That is how insurance operates throughout the entire world, FOOL! Suspending sales should be an exceptional and short-term measure for stabilization or correction, as it was under the Insurance Code until 1 August 2025, when the Parliament of Borisov and Peevski changed the maximum three-month period into an indefinite one. Golemanski and Danailov immediately applied it, without any grounds and without restraint, from 1 October 2025 against the record-capitalized DallBogg. Now, after the alleged criminal financial suffocation lasting one year, the payment of all due claims, the allegedly organized devaluation of assets, the blocking of the registration of contributed capital, the instigation of and instructions to foreign regulators, the forced increase in prices with the aim of losing market share, and a series of other alleged unlawful interventions, the FSC is requiring DallBogg to contribute an additional EUR 300 million in capital in order to satisfy the FSC’s “secret” forecasts for the next 10 years!

You are placing Bulgaria under a regime of severe liability allegedly generated through criminal conduct!

If you suspend the sales of all Bulgarian insurers for one year and they continue paying all claims throughout that year, not a single one will survive, or they will be decapitalized to the point of clinical death! That is the “expertise” of the criminal Danailov! We eagerly await him suing us for defamation—we will invite all the media!

And he lies: “The FSC has nothing to do with the capital increase of any insurance company,” while in practice, and as fully documented, on 20 November 2025 it blocked DallBogg’s capital increase of BGN 85.5 million—the largest capital increase in the history of Bulgarian insurance!

Out of the FSC, through the courts and straight to prison!

The cartel members initiated proceedings against themselves and are investigating themselves!

The enormous unchecked power of Golemanski (GERB) and Danailov (ITN) has led to the current cartel.

There is no competition because DallBogg has been unlawfully suspended for one year and prepared for plunder – there is a cartel!

Never before has a regulator blocked the registration of an insurer’s capital increase, except in the case of DallBogg, twice.

Never before has a regulator organized unlawful interference in the work of other state authorities in order to block the operations of an insurer.

Never before has a financial regulator organized a cartel to artificially increase the prices of compulsory insurance through coercive measures aimed at suppressing competition and suffocating a competitive insurer.

Never before has a regulator devalued an insurer’s assets on a large scale through alleged unlawful pressure on an “independent” appraiser – the plunder has been prepared.

Never before has a regulator secretly, manipulatively and maliciously changed its own 10-year forecast in order to seek the insolvency of an insurer – DallBogg has no sales and no revenues because of what are described as criminally motivated orders issued by the FSC regulator, yet it continues to pay claims.

Never before has another insurer been subjected for so long, so destructively and so harshly to coercive measures with immediate effect and an unstoppable harmful impact.

Today’s cartel is the inevitable result of the actions of the Financial Terror Commission – therefore RESIGNATION and PRISON for the criminal gang!

The dissemination of manipulations, rumours, fears, forecasts and insinuations by the FSC against DallBogg has motivated honest people to examine the facts and express their opinion: mass protests for REMOVAL and JUSTICE are coming.

The gang carrying out the plunder within the FSC issued an ultimatum on 17 April, two days before the elections: “Either you GIVE DallBogg to us, or we will FORCE IT INTO BANKRUPTCY.”

The Prosecutor’s Office is slow! The Parliament must act!

A protest organized by transport sector associations, customers and employees of the largest insurance joint-stock company is scheduled to begin at 11:30 a.m. in front of the building of the National Assembly.

The protesters will then march to the building of the Financial Supervision Commission (FSC).

The protest has been prompted by the Commission’s decision prohibiting the company from issuing new insurance policies and renewing existing contracts due to alleged violations of market conduct rules and the Insurance Code.

Protest in front of the Financial Supervision Commission