Bulgarian FSC (Financial Supervision Commission) announced that it granted approval to local insurer DZI - Life Insurance (part of Belgian KBC) to acquire the Bulgarian pension and life insurance business of Dutch-based NN Group.

"The Financial Supervision Commission (FSC) has been notified by the competent authority of Hungary (The Central Bank of Hungary) of the forthcoming transfer of insurance portfolio from "NN INSURANCE CO. LTD - SOFIA BRANCH", branch of "NN Biztosito Zartkoruen Mukodo Reszvenytarsasag", Republic of Hungary, to "DZI Life Insurance" EAD, Republic of Bulgaria.

After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of Hungary on granting consent for the notified insurance portfolio transfer and certifying solvency position of the accepting insurance company".

Last month Bulgaria's Commission for Protection of Competition (CPC) approved the transaction, wrote seenews.com here.

In mid-February, Belgian fiancial group KBC and the Netherlands-based NN Group announced they reached an agreement for KBC's Bulgarian subsidiary, DZI - Life Insurance, to acquire NN Bulgarian operations for a total consideration of EUR 77.7 million. More details here.

Thus, the object of the transaction consists in all the shares of NN Pension Insurance Company EAD (Bulgaria), as well as all the assets and liabilities of NN Insurance Co. Ltd. - Sofia Branch (Bulgaria).