102+ Free Bulgarian Insurance Broker Qualification Exam Practice Questions

Prepare for the Изпит за професионална квалификация на застрахователен брокер (Bulgarian Insurance Broker Qualification Exam) exam with instant access — no signup required.

✓ No registration✓ No credit card✓ No hidden fees✓ Start practicing immediately

102+ Questions

100% Free

Loading practice questions...

2026 Statistics

Key Facts: Bulgarian Insurance Broker Qualification Exam Exam

50 Questions

Items per approved test variant

FSC exam procedure and assessment rules, Protocol No. 73/2022

70 of 100 Points

Passing score (2 points per correct answer)

FSC exam procedure and assessment rules, Protocol No. 73/2022

120 Minutes

Exam duration (2 astronomical hours)

FSC exam procedure and assessment rules, Protocol No. 73/2022

317.00 EUR

Admission fee (620.00 BGN)

Art. 24, item 15(a), FSC Ordinance No. 76/2025

107 Topics

Syllabus topics across four sections

FSC Thematic Scope, Protocol No. 73/2022

2 Years

Deadline to register before the certificate lapses

Art. 11(4), FSC Ordinance No. 28

The Bulgarian insurance broker licence requires passing an FSC written test of 50 closed-type questions in 2 hours, scored 2 points each, with 70 of 100 points needed to pass and a 317.00 EUR (620.00 BGN) admission fee under Ordinance No. 76/2025. Candidates need higher education and must meet the fit-and-proper tests in Art. 303(1) КЗ. This free 102-question English-language MCQ bank is a study adaptation covering the FSC's 107-topic thematic scope across general insurance law and broker regulation, non-life lines, life products and investment insurance products.

Sample Bulgarian Insurance Broker Qualification Exam Practice Questions

Try these sample questions to test your Bulgarian Insurance Broker Qualification Exam exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 102+ question experience with AI tutoring.

1Under Article 301 of the Bulgarian Insurance Code (Кодекс за застраховането — КЗ), on whose behalf and under what legal relationship does an insurance broker carry out insurance distribution?

A.On behalf of one or more insurance companies under an agency contract

B.Under a written mandate from the customer (policyholder or insured) as an independent representative

C.Exclusively on behalf of the Financial Supervision Commission (КФН) as a public intermediary

D.On behalf of the Guarantee Fund under a statutory distribution authorization

Explanation: Under Article 301, paragraph 1 КЗ an insurance broker is a company or sole trader entered in the FSC register that carries out insurance mediation for remuneration on the assignment (по възлагане) of the user of insurance services. Article 301, paragraph 2 requires that relationship to be governed by a written contract, except when mediating the compulsory insurances listed in Article 461, items 1 and 2.

2Which state authority is responsible for licensing, registering, and supervising insurance brokers in the Republic of Bulgaria?

A.The Bulgarian National Bank (БНБ)

B.The Ministry of Finance (Министерство на финансите)

C.The Financial Supervision Commission (Комисия за финансов надзор — КФН)

D.The Commission for Consumer Protection (КЗП)

Explanation: The Financial Supervision Commission (КФН), specifically through the Deputy Chairperson in charge of the Insurance Supervision Division, maintains the public register and oversees the licensing and ongoing compliance of insurance brokers in Bulgaria.

3What is the statutory minimum annual continuing professional development (CPD) requirement for employees of insurance brokers directly engaged in distribution under Article 304 of the Insurance Code?

A.At least 5 hours per calendar year

B.At least 15 hours per calendar year

C.At least 30 hours per calendar year

D.At least 45 hours every three years

Explanation: In accordance with Article 304, paragraph 2 of the Insurance Code and the EU Insurance Distribution Directive (IDD), insurance brokers must ensure that their distribution employees complete at least 15 hours of continuing professional training and development per calendar year.

4Under Article 305 of the Insurance Code, what mandatory coverage must an insurance broker maintain throughout its entire period of registration?

A.Mandatory public liability insurance for premises

B.Professional indemnity insurance valid throughout the entire territory of the European Economic Area (EEA)

C.Key person life insurance on all executive directors

D.Trade credit insurance against insolvency of partner insurance companies

Explanation: Article 305, paragraph 1 КЗ requires every insurance broker to maintain, at all times, compulsory professional indemnity insurance valid for the whole territory of the European Union and the European Economic Area, covering liability for damage caused in a Member State by its acts or omissions in insurance or reinsurance mediation. The minimum sums insured are set by European Commission regulation and indexed periodically; the FSC currently publishes them as the equivalent of 1,564,610 EUR per claim and 2,315,610 EUR in the aggregate per year, applicable since 9 October 2024 under Delegated Regulation (EU) 2024/896.

5Under Article 306, paragraph 1 of the Insurance Code, how must an insurance broker guarantee that it will pass on premiums owed to insurers and indemnities owed to customers?

A.By permanently maintaining own capital of 4 per cent of the premiums it mediated in the previous financial year, or by opening one or more special client accounts — the broker chooses one of the two methods

B.Exclusively by opening a special client account (специална клиентска сметка); no alternative method is permitted

C.By depositing a fixed cash guarantee with the Guarantee Fund at the beginning of each financial year

D.By obtaining a bank guarantee issued by the Bulgarian National Bank covering its full annual premium turnover

Explanation: Article 306, paragraph 1 КЗ gives the broker a choice between two guarantee methods: item 1 — permanently maintaining own capital equal to 4 per cent of the total premiums mediated in the previous financial year (and not less than the minimum fixed by European Commission regulations adopted under Article 10(7) of the IDD); or item 2 — opening one or more special client accounts used solely to transfer premiums to insurers and indemnities or sums to customers. Under Article 306, paragraph 6 the broker must notify the FSC which method it has chosen.

6Under Article 325a of the Insurance Code, what must an insurance distributor do before concluding any non-life or life insurance contract with a customer?

A.Send the customer the insurer's latest Solvency and Financial Condition Report

B.Ask the customer questions and, on the basis of the answers, determine the customer's demands and needs (изисквания и потребности)

C.Obtain a credit-rating check on the customer from a licensed credit bureau

D.Obtain prior written approval of the individual contract from the Financial Supervision Commission

Explanation: Article 325a, paragraph 1 КЗ (implementing the EU IDD) requires the distributor, before concluding a contract, to put questions to the customer and, on the basis of the information received, to determine that customer's demands and needs and supply objective product information in an understandable form. The questions asked, the answers given and the information supplied must be documented and retained once a contract is concluded. Article 325a, paragraph 2 adds that every proposal must match those demands and needs.

7What is the standard pre-contractual disclosure document that an insurance broker must provide to a non-life insurance retail customer under the EU IDD and the Bulgarian Insurance Code?

A.The Insurance Product Information Document (IPID / ИДЗП)

B.The Key Investor Information Document (KIID)

C.The Annual Financial Report of the Insurer

D.The insurer's Solvency and Financial Condition Report (SFCR)

Explanation: For products in Section II of Annex 1 (non-life), Article 325a, paragraphs 7 and 8 КЗ and Commission Implementing Regulation (EU) 2017/1469 require the distributor to provide a standardised Insurance Product Information Document (IPID / Информационен документ за застрахователния продукт) on paper or another durable medium. It is a short, stand-alone document drawn up by the product manufacturer covering the main cover, exclusions, obligations and termination terms.

8What does an insurance broker commit to when it tells a customer that it advises on the basis of a fair and personal analysis (справедлив и личен анализ)?

A.To recommend only products of insurers with which it has a written distribution agreement

B.To give that advice after analysing a sufficiently large number of insurance contracts available on the market, so as to make a personal recommendation based on professional criteria

C.To guarantee that the recommended policy will be the cheapest premium on the market

D.To compare products only within the single insurance class the customer initially asked about

Explanation: Under Article 325a, paragraph 5 КЗ, a broker that informs the customer it advises on the basis of a fair and personal analysis must give that advice after analysing a sufficiently large number of insurance contracts available on the market, so as to make a personal recommendation, based on professional criteria, about the contract best suited to the customer's needs. Article 301, paragraph 5 obliges the broker to tell the customer of the right to commission such advice, both when the relationship starts and on each renewal of the mandate.

9What is the legal consequence if an insurance broker fails to disclose the nature and basis of its remuneration to a customer prior to concluding a contract?

A.The insurance contract itself becomes void and the insurer must refund the whole premium

B.It is a breach of the broker's statutory disclosure duties, exposing it to FSC supervisory measures and pecuniary sanctions, and ultimately to deletion from the register

C.The broker's commission is automatically forfeited to the Guarantee Fund

D.The customer acquires a statutory right to cancel the policy at any time without notice

Explanation: Article 325, paragraph 2, items 4 and 5 КЗ requires the intermediary to tell the customer, in good time before conclusion, the nature of its remuneration and whether it works against a fee paid directly by the client, a commission included in the premium, another economic benefit, or a combination. Failing to do so is a regulatory breach: the FSC may apply supervisory measures and pecuniary sanctions and, under Article 312, may in serious cases delete the broker from the register.

10Under the Law on Measures Against Money Laundering (Закон за мерките срещу изпирането на пари — ЗМИП), when are insurance brokers obligated to apply customer due diligence (CDD) measures?

A.Only when distributing compulsory motor third-party liability policies

B.When distributing life insurance policies or other investment-related insurance products

C.Only when the customer is a politically exposed person (PEP)

D.Only after the FSC has issued an individual instruction naming the specific customer

Explanation: Under ЗМИП, insurance intermediaries are obliged entities in respect of life insurance and other investment-related insurance products. For that business they must identify and verify the customer and the beneficial owner, establish the purpose and nature of the relationship, profile the customer's risk and monitor the relationship on an ongoing basis. Topic 35 of the FSC thematic outline makes the application of AML/CTF legislation to insurance distribution an examinable subject in its own right.

About the Bulgarian Insurance Broker Qualification Exam Exam

The Bulgarian Insurance Broker Qualification Exam (Изпит за професионална квалификация на застрахователен брокер) is the statutory examination the Financial Supervision Commission organises under Ordinance No. 28 of 10 May 2006 and Art. 303(2), item 2 of the Insurance Code. Passing it, or holding a recognised equivalent, is what allows a person to trade as a sole-trader insurance broker, sit on the management body of a brokerage company, or be made responsible for its insurance distribution activity. The exam is a written, anonymous test: each variant carries 50 closed-type questions with four options, 2 points per correct answer, 100 points maximum, 70 points to pass, over two astronomical hours. Its thematic scope is the 107-topic FSC outline built on Annex 3 to the Insurance Code. The FSC schedules sittings periodically and must publish the date, procedure and assessment rules at least one month beforehand. Note: the official examination is conducted in Bulgarian. This 102-question bank is an English-language MCQ study adaptation for learning the underlying law and practice — it is not an official translation, not a simulation of the real paper, and not a substitute for the FSC examination.

Assessment

A single written, anonymous test sitting under Art. 9(1) of FSC Ordinance No. 28. The thematic scope is fixed by Art. 7 of the Ordinance as the minimum professional knowledge and skills in Annex 3 to the Insurance Code, which the FSC has published as a 107-topic outline in four sections: I General questions (topics 1-41), II Distribution of non-life products (42-72), III Distribution of life products (73-96), and IV Distribution of investment insurance products (97-107). The FSC publishes no percentage weighting per section.

Time Limit

2 astronomical hours (120 minutes)

Passing Score

70 or more of a maximum 100 points

Exam Fee

317.00 EUR (620.00 BGN) — Art. 24, item 15(a), FSC Ordinance No. 76 of 12 June 2025 (Financial Supervision Commission of the Republic of Bulgaria (Комисия за финансов надзор — КФН / FSC))

Bulgarian Insurance Broker Qualification Exam Exam Content Outline

41 of 107 syllabus topics (38%)

Section I — General questions (Общи въпроси)

Insurance contract law and the broker regime together: insurable interest, formation and termination, disclosure, general terms, risk and premium, deductibles, co-insurance and reinsurance, insurance value versus sum insured, over-insurance (Art. 388) and under-insurance (Art. 389), compulsory insurance, insurance secrecy and limitation; then broker status, registration and deregistration, activity restrictions, guarantees and the special client account (Art. 306), professional indemnity (Art. 305), staff training, pre-contractual information, demands and needs, fair and personal advice, data protection, AML/CTF, FSC reporting, cross-border activity, complaints and sanctions.

31 of 107 syllabus topics (29%)

Section II — Distribution of non-life products (Общо застраховане)

Accident and sickness; motor, rail, aircraft and marine hull; goods in transit; property and agricultural insurance; compulsory motor third-party liability in depth including territorial scope (Art. 480), the duty to insure (Art. 483), exclusions (Art. 494), recourse (Art. 500), transfer of the vehicle (Art. 491) and the Guarantee Fund (Art. 557); carrier's, general and professional liability; credit, suretyship, financial loss, legal expenses and travel assistance; the IPID; and non-life claims handling, indemnity systems and subrogation (Art. 410).

24 of 107 syllabus topics (22%)

Section III — Distribution of life products (Животозастраховане)

The life market and contract specifics; conclusion and maintenance; surrender rights (Art. 451) and policy loans; mid-term changes; term, survival, whole-of-life and mixed endowment forms; fixed-maturity policies; annuities and pension products; marriage and child policies; accident and health covers on the life market; insurance on another person's life (Art. 443); beneficiary designation (Art. 444); the suicide restriction (Art. 450); the 30-day withdrawal right (Art. 447); and pre-contractual and ongoing information duties.

11 of 107 syllabus topics (10%)

Section IV — Distribution of investment insurance products (Инвестиционни застрахователни продукти)

The Art. 339 definition of an investment insurance product; unit-linked contracts; guaranteed versus non-guaranteed benefits; fund types and backing assets; investment principles and the policyholder's investment risk; alternatives such as deposits, securities, real estate and supplementary pension saving; the suitability test for advised sales and the appropriateness test for non-advised sales (Art. 342); additional cost and risk disclosure (Art. 341); the PRIIPs key information document; and inducements assessed under Delegated Regulation (EU) 2017/2359.

How to Pass the Bulgarian Insurance Broker Qualification Exam Exam

What You Need to Know

Passing score: 70 or more of a maximum 100 points
Assessment: A single written, anonymous test sitting under Art. 9(1) of FSC Ordinance No. 28. The thematic scope is fixed by Art. 7 of the Ordinance as the minimum professional knowledge and skills in Annex 3 to the Insurance Code, which the FSC has published as a 107-topic outline in four sections: I General questions (topics 1-41), II Distribution of non-life products (42-72), III Distribution of life products (73-96), and IV Distribution of investment insurance products (97-107). The FSC publishes no percentage weighting per section.
Time limit: 2 astronomical hours (120 minutes)
Exam fee: 317.00 EUR (620.00 BGN) — Art. 24, item 15(a), FSC Ordinance No. 76 of 12 June 2025

Keys to Passing

Work through all 102 available questions
Review every answer and explanation
Track weak areas and revisit them
Use our AI tutor for tough concepts

Bulgarian Insurance Broker Qualification Exam Study Tips from Top Performers

1Work directly from the FSC thematic scope. It lists 107 numbered topics in four sections and is the only authoritative statement of what is examinable; the FSC publishes no percentage weighting, so treat all four sections as live.

2Watch the Bulgarian defaults that differ from other systems. Under Art. 389(1) КЗ under-insurance is settled by paying the full loss up to the sum insured, and the proportional rule in Art. 389(2) applies only where the contract expressly stipulates it.

3Master compulsory motor third-party liability in detail: the duty to insure (Art. 483), territorial scope on a single premium (Art. 480), exclusions (Art. 494), the insurer's recourse grounds (Art. 500), what happens on transfer of the vehicle (Art. 491), and the split between unidentified and uninsured vehicles in Guarantee Fund payouts (Art. 557).

4Learn the broker's own regime as a block: the two alternative guarantees in Art. 306(1), the ring-fenced client account in Art. 306(2), professional indemnity in Art. 305, the disclosure list in Art. 325, demands and needs in Art. 325a, and the deregistration grounds in Art. 312.

5Do not neglect Section IV. Investment insurance products carry 11 of the 107 topics, and the suitability test for advised sales and the appropriateness test for non-advised sales in Art. 342 are frequently confused.

Frequently Asked Questions

What is the format and duration of the Bulgarian FSC Insurance Broker exam?

Art. 9(1) of FSC Ordinance No. 28 makes the exam written and anonymous, sat by working through a test. The FSC's published exam procedure and assessment rules (Annex 2 to Protocol No. 73 of 13 October 2022) set the detail: each of at least three approved variants contains 50 closed-type questions with four options and one correct answer, each correct answer scores 2 points, and candidates have 2 astronomical hours starting at 10:00.

What is the fee and the passing score?

Admission costs 317.00 EUR (620.00 BGN) under Art. 24, item 15(a) of FSC Ordinance No. 76 of 12 June 2025; issuing the certificate costs a further 15.34 EUR (30.00 BGN). The maximum score is 100 points and candidates need 70 or more to pass. Since 2025, failure to pay the admission fee is itself a ground for refusing admission under Art. 4, item 3 of Ordinance No. 28.

Do I need a university degree to sit the exam?

Yes. Art. 3(1) of Ordinance No. 28 requires the application to give the higher-education diploma details, and Art. 4, item 1 obliges the FSC to refuse admission where the applicant has no higher education or holds a foreign degree not recognised in Bulgaria. The secondary-education standard in Art. 304(1) of the Insurance Code is a different rule, applying to a broker's distribution staff rather than to exam candidates.

What is the difference between an insurance broker and an insurance agent under Bulgarian law?

Under Art. 301(1) КЗ a broker acts on the assignment of the user of insurance services, under a written contract except for the compulsory motor and passenger accident insurances. Under Art. 313(1) an agent acts in the name and for the account of an insurer. Art. 27 and Art. 302 make the two roles mutually exclusive: the same person cannot be both, and a broker may not even be a shareholder or board member of an insurance agent.

What professional indemnity must a Bulgarian insurance broker hold?

Art. 305(1) КЗ requires continuous professional indemnity insurance valid across the European Union and the European Economic Area. The minimum sums are set by European Commission regulation and indexed periodically; the FSC currently publishes them as the equivalent of 1,564,610 EUR per claim and 2,315,610 EUR in the aggregate per year, applicable since 9 October 2024 under Delegated Regulation (EU) 2024/896.

How long does the qualification certificate remain valid?

The certificate has no fixed expiry date, but Art. 11(4) of Ordinance No. 28 provides that it loses validity if the holder is not entered in the FSC register of insurance intermediaries within two years of issue, in which case the exam must be sat again. Art. 11(5) disapplies that rule where the holder has been working in insurance distribution and has met the continuing professional training requirements.

Is this practice bank an official FSC exam or an official translation?

No. The official examination is set and administered in Bulgarian by the Financial Supervision Commission. This free 102-question bank is an English-language multiple-choice study adaptation built from the FSC thematic scope and the Insurance Code. It is not an official translation, not a simulation of the real paper, and passing it confers no qualification.