February 21 (SeeNews) - Bulgaria's financial regulator said it has given approval to Sofia-based insurance company Lev Ins to increase its stake in Life Insurance Institute to 63.68% from 49.08%.
Life Insurance Institute plans to absorb local peer Health Insurance Institute, majority owned by Lev Ins, the Financial Supervision Commission said in a statement on Tuesday.
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Lev Ins held an 86% stake in Health Insurance Institute in July, when the Commission for Protection of Competition gave clearance for the deal.
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)
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