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.
