Foreign investment in private pension-insurance companies is permitted subject to local incorporation.
"Part Two - SUPPLEMENTARY SOCIAL INSURANCE (amend., SG 67/03)
Division one. - Supplementary social insurance companies (new, SG 67/03)
Chapter nine - Establishment, licensing and management of supplementary social insurance companies (amend., SG 67/03) [...]
Section II. - Pension Insurance Companies (new, SG 67/03)
Definition (amend., SG 67/03)
Art. 121. (amend., SG 67/03) (1) (suppl. - SG 56/06, in force from the date of entry into effect of the Treaty of the Accession of the Republic of Bulgaria to the European Union) The pension insurance company shall be a joint-stock company licensed by the order of this code and registered according to the Commerce Act or according to the legislation of another Member state.
[...]
Promoters and stock-holders (new, SG 67/03)
Art. 121b. (new, SG 67/03) (1) (amend. - SG 56/06, in force from the date of entry into effect of the Treaty of the Accession of the Republic of Bulgaria to the European Union) Promoters and stockholders of the pension insurance company may be:
1. Bulgarian natural or legal persons;
2. natural persons – citizens of another Member state;
3. legal persons, having a seat of business in another Member state;
4. (amend. – SG, 92/17) foreign legal persons, apart from those under p. 3, who have been registered as security, insurance or another financial institution under their national legislation and are subject to specialized financial supervision.
(2) The persons under para 1 may possess stocks of only one pension insurance company carrying out activity in the country.
[...]
Section III. - Companies for additional voluntary insurance for unemployment and/or professional qualification (new, SG 67/03) Definition (new, SG 67/03)
Art. 123j. (new, SG 67/03) (1) The companies for additional voluntary insurance for unemployment and/or professional qualification, called hereinafter "insurance companies for unemployment and/or professional qualification", shall be joint-stock companies licensed by the order of this code and registered according to the Commercial Law [...]" (CODE OF SOCIAL INSURANCE, SG. 110/17 Dec 1999, as amended.)
CODE OF SOCIAL INSURANCE, SG. 110/17 Dec 1999, as amended.
[<a href="https://www.noi.bg/images/en/legislation/SIC_2019.pdf">Code</a>]