In accordance with the Law on the Introduction of the Euro in the Republic of Bulgaria, promulgated in the Official Gazette of the Republic of Bulgaria, no. 70 of 20.08.24 (the Euro Act), as of the date of introduction of the euro as the official currency in the Republic of Bulgaria and 12 months after the date of introduction of the euro in the Republic of Bulgaria, insurance companies shall indicate in euro and in BGN in double:
1. the total amount payable by an insurer under an insurance contract concluded in that period, as well as the amount of instalments in the event of instalment payment of an insurance premium under such contract; 2. the notices of the amount of instalments payable in that period in the event of instalment payment of an insurance premium under an insurance contract irrespective of the date of its conclusion.
After the expiry of the above-mentioned period, conversion shall be carried out ex officio into euro only.
In accordance with the general conversion and rounding rules of the Euro Law, the conversion from BGN to EUR will be carried out by dividing the numerical value in BGN by the full numerical value of the official exchange rate expressed in six digits with all five decimal places.
The resulting euro amount shall be rounded to the second decimal place, based on the third decimal place, in accordance with the following mathematical rule:
