March 1 (SeeNews) - Bulgaria's financial regulator said it has granted approval to Sofia-based Life Insurance Institute to absorb local peer Health Insurance Institute.
The regulator provided no further details in its statement published late on Wednesday.
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Last week, the financial regulator gave approval to Sofia-based insurance company Lev Ins to increase its stake in Life Insurance Institute to 63.68% from 49.08% as a result of the merger.
Lev Ins owns 86% of Health Insurance Institute and 49.08% of Life Insurance Institute.
Health Insurance Institute offers accident and illness insurance. It has a registered capital of 5 million levs ($2.9 million/2.8 million euro), according to the country’s commercial register.
Life Insurance Institute offers accident and illness insurance, as well as life insurance. The company has a registered capital of 7.7 million levs.
(1 euro = 1.95583 levs)