NOTICE
regarding the conversion into euro and the provision of related information to users of insurance services, with a view to protecting their interests in connection with the introduction of the euro in the Republic of Bulgaria.
As of 01/01/2026, the euro will become the official national currency and legal tender in the Republic of Bulgaria. In order to facilitate users (consumers) of insurance services and make the transition to the new currency easy, clear, and understandable for them, we would like to provide information about the rules that “Partners Group BG” Ltd., in its capacity as an insurance broker, will follow when converting monetary values from lev to euro, as stated in all documents provided to the users.
Currency Conversion
Upon the adoption of the euro as the national currency in the Republic of Bulgaria, the prices of insurance services, as well as any other monetary values under insurance legal relationships, will be converted from lev to euro. The change of the monetary unit from lev to euro is called currency conversion.
This conversion will be carried out by applying the official exchange rate of the lev to the euro, namely 1 euro = 1.95583 lev. For the conversion, the current amount in lev will be divided by the full six-digit numerical value of the official exchange rate. Then, based on the third digit after the decimal point, the resulting value will be rounded to the second digit after the decimal point, as follows:
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when the third digit after the decimal point is less than five, the second digit after the decimal point remains unchanged;
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when the third digit after the decimal point is equal to or greater than five, the second digit after the decimal point is increased by one unit.
As a result of the conversion of prices and other values from lev to euro, users of insurance services may not be placed in a financially less favourable position than they would be if the euro had not been introduced as the national monetary unit in the country. This means that the conversion itself will not lead to an increase in the prices of insurance services.
Each user of insurance services will have the right, within a period of one year from the date of the introduction of the euro, to request, through the insurance broker, from the relevant insurer with whom they have or had insurance relationships as of that date, information regarding the monetary values in lev of their property rights and/or obligations. The requested information will be provided free of charge within 7 days from the date of the request.
Dual Display of Prices in Lev and Euro
From 08/08/2025 to 31/12/2026, dual display of prices in euro and lev will apply for insurance services. This means that the final amount payable by the consumer of an insurance service will be displayed in both euro and lev. This dual display will be mandatory only for price information intended for and provided to consumers.
During the period of dual display, the following must be displayed in both euro and lev:
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the total final amount payable by the policyholder under the insurance contract;
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the amount of insurance premium instalments in the case of payment in instalments under the contract.
Taxes and fees charged, contributions to the Guarantee Fund, and other converted monetary values different from the price of the insurance service, for which the consumer receives information:
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before concluding an insurance contract; and/or
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upon concluding an insurance contract; and/or
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in connection with the settlement of claims and compensation under insurance policies,
will not be subject to mandatory dual display.
In the case of dual display, the amounts (prices) in euro and lev must be placed in immediate proximity to each other, either side-by-side, above, or below, and must be presented clearly, legibly, unambiguously, and in an easily understandable way, with the same font size and in a manner that does not mislead consumers. Each of the amounts in euro and lev must be accompanied by the written currency name, symbol, or abbreviation, allowing for easy recognition.
During the period of dual display, the total final price of the insurance service (and/or the insurance premium) payable by the consumer must also be indicated in euro and lev in the issued fiscal/system receipt or in any other document used to record the payment, together with the official exchange rate of the lev to the euro.
When, during the period of dual display, commercial communications and advertisements in audio or video format are made with the aim of promoting the consumption of insurance services, the prices of insurance services may be stated verbally only in lev until the date of the introduction of the euro, and only in euro after that date.
Currency conversion and dual display will not apply to prices and monetary amounts related to insurance products that are developed and offered directly in euro or in a third currency.
Parallel Circulation of Euro and Lev
For a period of one month after the date of the introduction of the euro as the official currency in the Republic of Bulgaria, called the period of parallel circulation of lev and euro, banknotes and coins in lev will continue to be legal tender in the territory of the Republic of Bulgaria.
If, during this period, the insurance broker receives a cash payment in lev or in euro, they must return the change entirely in euro. If the recipient of the payment does not have sufficient cash on hand to return the change entirely in euro, the change must be returned entirely in lev. When a cash payment is made during this period, no more than 50 coins in lev, including stotinki, may be accepted in a single transaction.
If, during this period, the consumer cancels an insurance service or terminates an insurance contract and has the right to receive a refund of an amount they have paid, the refund must be made entirely in euro. If the refund is made in cash and there is not enough cash available to return the entire amount in euro, the refund must be made entirely in lev.
The rules set out in this notice are based on the Law on the Introduction of the Euro in the Republic of Bulgaria, have been adopted by the insurance broker, and enter into force as of the date of the Decision of the Council of the European Union on the adoption of the euro by the Republic of Bulgaria.
