Our business …
It is regulated by the following legal acts:
The Export Insurance Act (State Exchequer) – http://www.lex.bg/bg/laws/ldoc/2134408192;
Code of insurance (activity for BAEZ) – http://www.lex.bg/bg/laws/ldoc/2135514184.
BAEZ insures for its own account (according to the Insurance Code):
payments against market trade and political risk associated with exports targeting one of the countries qualifying as market risk countries with a deferred payment of up to 2 years. Countries with market risk are classified as EU Member States and most OECD countries (see list of market risk countries);
payments against commercial risk occurring in the territory of the Republic of Bulgaria with a deferral of up to 2 years.
BAEZ insures for the account of the state (according to the Export Insurance Act):
– payments against non-market commercial and political risk associated with exports to all other countries around the world;
– bank loans granted for pre-export financing;
– loans and financing granted to small and medium-sized enterprises, as well as such financing priority sectors for Bulgaria;
– Bulgarian investments abroad, letters of credit, bank guarantees, etc.
In such cases, the State guarantees the payment of benefits by means of annual allocations to the State Budget. Insurance Capacity of BAEZ to Conduct Insurance at State Expenditure in 2013 – BGN 900 Million.