Insurance Law

The rise of the free market economy has given a strong impetus to the development of the insurance business. Since then the insurance market has been developing at fast pace, facilitated by the broad legal framework which has been fully harmonized with the European regulations.

PM&P is among the leading law firms in Bulgaria in the field of insurance law. It has long track record in all aspects of insurance operations from the establishment and licensing of insurance companies and brokers, through corporate governance and compliance with the regulatory requirements to insurance activities, to consultations across the board in the insurance business. The law firm provides consultancy to insurers and re-insurers, as well as insured persons, including victims and other parties concerned.

PM&P provides legal representation of clients in out-of-court agreements and court proceedings for the resolution of disputes related to all aspects of insurance law.

PM&P has a leading practice in mergers, acquisitions and restructuring in the insurance sector. The team represented TBI Holding, a major foreign economic group engaged in a wide range of financial services, in the successful and first of its kind in the sector privatization of the Bulgarian insurer Bulstrad and also in the first privatization procedure of the State Insurance Institute (DZI), the first EBRD investment on the Bulgarian insurance market, multinational insurance companies in the acquisition of other Bulgarian companies, and re-organizations of Bulgarian insurance and life insurance companies.

PM&P is actively involved in the drafting of legislative amendments in the sphere of insurance law and it has substantial contribution to the codification of insurance provisions in the Insurance Code.

Some of the lawyers of PM&P became founding members of the first Bulgarian Association for the Protection of Insured Persons and Victims of Traffic Accidents aimed at ensuring active protection of consumers of insurance services. In this connection, lawyers of the firm participate regularly in discussions on the amendments to the legislation concerning road traffic so that to envisage preventive measures and to safeguard the adequate protection of the rights and interests of victims.


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“Penkov, Markov & Partners is described by its competitors as a practice that has been a stable and successful one for a number of years.“