ESTABLISHING TENDENCIES OF INVESTMENT POLICY OF PENSION INSURANCE COMPANIES IN BULGARIA

Abstract

The aim of this article is to present the growing role of market asset management of pension insurance companies in Bulgaria. Effectiveness of investment management of pension funds is essential to their financial stability in crisis and post crisis environment. Risk management measures and careful assets allocation in investment portfolios of pension funds will play crucial role in following years. The paper is organized as follows: 1) The specific feathers of the Bulgarian pension system are presented and the stages of development of Bulgarian supplementary pension funds are noted; 2) Regulation of pension funds investment policy are described; 3) On the basis of statistic data analysis investment performance of private pension funds in Bulgaria for the period since the onset of world financial crisis till now have been indicated. 4) Tendencies and challenges for investment policy in pension insurance management are outlined

Keywords

• investment policy, investment regulations, prudent person rule, investment portfolio, defined contributions, pension funds, risk management.

BULGARİSTAN’DA EMEKLİLİK SİGORTASI ŞİRKETLERİNİN YATIRIM POLİTİKASI EĞİLİMLERİNİN OLUŞUMU

Abstract

*Bu makalenin amacı, Bulgaristan'da emeklilik sigortası şirketlerinin piyasa varlık yönetiminde artan rolünü ortaya koymaktır. Emeklilik fonlarının yatırım yönetiminin etkinliği kriz ve kriz sonrası ortamda finansal istikrar için esastır. Risk yönetim tedbirleri ve dikkatli varlık tahsisi emeklilik fonları yatırım portföylerinde önümüzdeki yıllarda önemli bir rol oynayacaktır. Bu çalışma şu şekilde düzenlenmiştir: 1) Bulgar emeklilik sisteminin belirli özellikleri sunulmakta ve Bulgar ek emeklilik fonlarının gelişim aşamaları belirtilmekte; 2) Emeklilik fonlarının yatırım politikası yönetmeliği açıklanmakta; 3) Dünya finansal krizinin başlangıcından bu yana geçen dönemde Bulgaristan'daki özel emeklilik fonlarının yatırım performansı istatistik veri analizi temelinde ele alınmakta; 4) Emeklilik sigortası yönetimindeki yatırım politikasının eğilimleri ve karşılaştığı sorunlar özetlenmektedir.

Keywords

• Yatırım Politikası, Yatırım Mevzuatı, İhtiyatlı Kişi Kuralı, Yatırım Portföyü, Belirlenmiş Katkı, Emeklilik Fonları, Risk Yönetimi.

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