News

The second stage of payments to injured parties under insurance contracts concluded through the Bulgarian branch of Olympic Insurance Company was completed

24 February 2023

In February 2023, the Guarantee Fund (GF) made a second payment of compensation under insurance contracts concluded through the Bulgarian branch of Olympic Insurance Company (in liquidation) on the basis of a list of claims provided by the liquidators of the company. The sums due were transferred by the Guarantee Fund by bank transfer to the injured parties to their bank accounts. Total of 332 claims against the Bulgarian branch of Olympic Insurance Company amounting to BGN 8 560 739 were satisfied up to now, with the two payments made.

The process of payment of compensation to the injured parties will continue in the future. The dynamics of payments over time, the number of claims satisfied, the amount of compensation and other conditions depend solely on the activities of the liquidators of Olympic Insurance Company. The Guarantee Fund expects the liquidators' submission of new lists of approved claim benefits in order to set in motion the next payment procedures. Information on the development of the process is published on the Guarantee Fund website.

Since the Guarantee Fund does not determine the order, amounts and merits of the claims submitted, and does not have the details of claims required for forthcoming payments, for more specific information interested parties should contact the liquidators of Olympic (in insolvency) and their staff at the company's office in the city of Sofia.