I. GENERAL PROVISIONS

Art. 1 Legal Status

/1/ The non-profit association Bulgarian Association of Insurance Brokers – BAIB (hereinafter briefly referred to as “the Association”) is a legal entity, duly registered in accordance with the provisions of the Non-profit Legal Entities Act (NPLEA) and shall pursue activities for private benefit, based on this Statute and in compliance with the Bulgarian legislation.

/2/ In this Statute the term “insurance broker” shall be deemed to denote both insurance and reinsurance broker.

Art. 2 Name

/1/Thename of the Association shall be „Българска асоциация на застрахователните брокери”. The abbreviation of the Association’s name shall read„БАЗБ“.

/2/ The corresponding name of the Association in English shall be “Bulgarian Association of Insurance Brokers”. The abbreviation of the Association’s name in English shall read “BAIB”.

Art. 3 Registered seat and address

Theregistered seat and management address of the Association shall be: Sofia City Region, Sofia Municipality, 1463 Sofia,Triaditsa District, 5, Khan Asparuh Str.

Art. 4 Term

The Association shall have an unlimited term of duration.

Art. 5 Liability

The Association shall be separate from its members and shall settle its liabilities exclusively through its own property. Any personal liability of individual members of the Association,or of members of the Managing Board of the Association for liabilities of the Association shall beexcluded.

Art. 6 Objectives of the Association

/1/ The Association shall have the objective to facilitate the establishment and reinforcement of good conditions for effective and qualitative work of its members and shall promote the prestige of the profession of the insurance broker.

/2/ The Association shall have the objective to represent and protect the interests of its members in its relations with:

1. The Financial Supervision Commission, the Association of Bulgarian Insurers, insurance companies, the media, other public bodies and institutions, and entities in the Republic of Bulgaria.

2. The European Federation of Insurance Intermediaries (BIPAR) and other international organizations.

/3/ The Association shall have the objective to enhance and maintain the professional qualification of insurance brokers.

Art. 7 Means to attain the objectives of the Association

/1/ To attain its objectives the Association shall undertake the following:

1. survey of the practices and regulatory provisions in the area of insurance and insurance mediation at national and international level;

2. survey of the expertise of similar organizations and regulatory provisions thereof at international level;

3. participation in insurance sector events at national and international level;

4. membership or maintenance of relations with similar organizations at national and international level;

5. cooperation with organizations and institutions of particular importance to the activity of the Association and the attainment of its objectives;

6. assistance for working groups with public bodies and institutions, working on issues in relation to the insurance market;

7. drafting of opinions and proposals for amendments and supplements to the Bulgarian legislation, concerning the insurance market;

8. preparing publications on the development of the insurance sector, including the activity of insurance brokers;

9. defense of the business interests of its members before the Bulgarian public bodies and other institutions;

10.organization of  trainings to enhance the qualification of insurance brokers;

11.development and implementation of an internal system for assessment  and  verification of the professional qualification of insurance brokers;

12. organization of seminars, conferences and other events of non-commercial character, including surveys and fora to award prizes to prominent figures in the insurance sector;

13. adoption of  a Code of Ethics of insurance brokers and supervision of its observation by the members of the Association;

14. development and maintenance of a website of the Association.

Art. 8 Determination of the activity of the Association. Independence of the Association

/1/ The main scope of the activity of the Association shall be the protection of the rights and professional interests of its members in the country and abroad.

/2/ The Association identifies itself as an association pursuing activities for private benefit.

/3/ The Association shall pursue activities for the benefit of its members.

/4/ In its activity the Association shall be governed solely by the laws of the Republic of Bulgaria and the provisions of this Statute;

/5/The Association shall not pursue any political activity.

II. MEMBERSHIP

Art. 9 Members

/1/ A member of the Association may be a Bulgarian legal entity which meets the following requirements:

1. as at the date of the establishment of the Association or as at the date of application for membership in the Association it has been registered in the Register of insurance brokers under Art. 29, para 1, item 9 of the Financial Supervision Commission Act and has obtained a registration certificate;

2. is not a stock or shareholder in any Bulgarian or foreign insurance and/or reinsurance company;

3.the legal entity applying for regular membership in the Association does  not  have as its stock or shareholder any Bulgarian or foreign insurance and/or reinsurance company;

4. operates on behalf of more than one  insurance  company;

5. has operated actively as a licensed insurance broker for at least 1 (one) year;

/2/ A member of the Association may only be a person that recognizes the objectives of the Association and agrees with the provisions of this Statute.

Art. 10 Admission of members.

/1/ The persons wishing to be admitted to membership in the Associations hall file a written application form to the Managing Board with documents attached which certify compliance with the membership requirements herein stipulated.The Managing Board may require additional information on the business status, scope of activity, good name and other relevant circumstances pertainingto the membership estimation.

/2/ At its first session following the application the Managing Board shall adopt a decision concerning the admission of the new member. The decision concerning the admission shall be notified in writing to the person admitted to membership in the Association.

/3/ The decision to admit a new member shall become effective after the signing of the minutes of the relevant session and payment of the membership fee, the amount of which shall be proportionateto the remaining period of time until the end of the admission year. After the decision has become effective, the newly elected member shall be entered in a Register of members kept by the Managing Board.

Art. 11 Register of members

The new members of the Association, as well as the status of payments of membership fees due in accordance with this Statute, shall be registered and kept track of in an internal Register of members. The Register shall be at the members’ disposal for information purposes and shall be updated by the Managing Board at the end of each quarter.

Art. 12 Rights of members

/1/ Each member of the Association may:

1. participate in the General Meeting and  exercise its voting right directly or through a proxy authorized in writing;

2. be elected in the Managing Board and other bodies of the Association;

3. be informed about the activity  of the Association and the implementation of the decisions of the General Meeting and the Managing Board;

4. participate in events organized  by the Association;

5. require assistance and advice by the Association in relation to any and all matters which fall within the scope of the objectives of the Association;

6. benefit from the results of the work of the Association.

Art. 13 Obligations of  members

/1/ Each member of the Association shall be obligated:

1. to support the Association  in the attainment of its objectives;

2. to observe the provisions of thisStatute and comply with the decisions of the governing bodies of the Association;

3. to refrain from damaging the good name of the Association;

4. to refrain from using his membership for the achievement of goals which contradict the Association’s objectives;

/2/ The members of the Association shall be obligated to pay an annual membership fee. The annual membership fee for the respective calendar year shall be paid within the first quarter thereof.

/3/ Within ten days of the notification in writing of newly admitted regular members that a decision has been taken to admit them to the Association, they shall be obligated to pay the annual membership fee determined by the General Meeting.

Art. 14 Membership termination

/1/ Membership shall be terminated upon the following:

1.withdrawal request made in writing;

2. termination of the legal entity which holds membership in the Association;

3. deregistration of the legal entity or individual from the Register of insurance brokers under Art. 29, para 1, item 9 of the Financial Supervision Commission   Act;

4. commencement of bankruptcy proceedings against a legal entity which is a member of the Association;

5. exclusion a of a member from the Association;

6. termination of the Association;

/2/ In the cases of para 1, items 2-6, the membership shall be automatically terminated as of the registration date of  circumstances concerning the status of the legal entity or as of the date of deregistration of the person from the Register of insurance brokers under Art. 29, para 1, item 9 of the Financial Supervision Commission Act. Concerning para 1, item 1 hereinabove, Art. 16 hereof shall apply.

Art. 15 Exclusion from the Association.

/1/ Exclusion from the Association shall be allowed for significant reasons only. Significant reasons shall be:

1. Culpable behaviour constituting a breach of theStatute of the Association;

2. any behavior which lacks compliance with membership in the Association;

3. failure to pay the annual membership fee in time;

4. failure to make property contributionsrequired by a decision of the General Meeting;

5. systematic failure to take part in the work of the Association;

6. premeditated action against the interests of the Association;

7.infringement on the Code of Ethics of the Association;

8. any other action injuring the good name of the Association;

/2/ The decision to exclude a member shall be adopted by the Managing Board of the Association;

/3/ ‘Systematic‘ shall be any action or failure to act performed on more than two occasions by the same member, regardless of whether such instances took place consecutively, or not.

Art. 16 Withdrawal from the Association

/1/ Any member of the Association may terminate their membership freely by filing a written request therefor to the Managing Board of the Association.

/2/ In case of membership termination under the preceding paragraph, the withdrawing member shall not be entitled to recovery of the membership fee paid by him with respect to the current year.

Art. 17 Consequences of membership termination with respect to property

Thepersons whose membership in the Association has been terminated shall not be entitled to any recovery of membership fees paid for the respective calendar year, neither shall they place any claims with respect to the property of the Association.

III. BODIES OF THE ASSOCIATION

Art.18 Bodies of the Association

/1/ Bodies of the Association shall be:

1. The General Meeting;

2. The Managing Board;

3. The Chairman;

4. The Executive Director;

5. The subsidiary bodies of the Association;

6. The Controlling Committee;

7. The Ethics Committee.

1. General Meeting

Art. 19 General Meeting

/1/ The General Meeting shall be the supreme body of the Association and shall consist of all members of the Association.

Art. 20 Authority:

The General Meeting shall:

1. amend the Statute in compliance with Art.21;

2. adopt and amend the Code of Ethics of the Association;

3. elect members of the Managing Board;

4. dismiss members of the Managing Board;

5.approve the reports of the Managing Board and the Controlling Committee;

6. elect and dismiss members of the Controlling Committee and the Ethics Committee;

7. adopt decisions to transform or terminate the Association;

8. adopt decisions to determine the amount of membership fees and/or  additional monetary  contributions;

9. approve the budget of the Association upon  proposal by theManaging Board;

10.adoptdecisions concerning participation in other organizations in the country  and abroad;

11.adopt decisions concerning opening and closing of branch offices.

Art. 21 Amendments to the Statute.

This Statute may be amended by a decision of the General Meeting upon a proposal of the Managing Board or of at least a quarter of the members of the Association. The decision to amend the Statute shall be adopted by a majority of twothirds of attending or represented members of the Association.

Art. 22 Ordinary and extraordinary General Meetings.

/1/ The ordinary General Meeting shall be held annually in the location of the registered seat of the Association.

/2/ Extraordinary General Meetings may be convened at any time by the Managing Board or upon the request of one third of the regular members of the Association.

/3/ The sessions of the General Meeting shall be presided by the Chairman of the Managing Board; in case the Chairman is unable to do so, the respective session shall be presided by one of the Deputy Chairs of the Managing Board.

Art. 23 Convocationof the General Meeting.

/1/ The General Meeting shall be convened by the Managing Board or upon the request of one third of the members of the Association. In order for the General Meeting to be convened at the request of one third of the members of the Association, a written request shall be filed with the Managing Board, together with a draft agenda. The Managing Board shall be obligated to make an official invitation to the extraordinary General Meeting within one month as from the date of receipt of the said request.

/2/ Both ordinary and extraordinary General Meetings shall be convened in accordance with the Non-Profit Legal Entities Act. The invitation to the General Meeting shall be sent to each member of the Association by mail and/or e-mail and shall be placed on the site for announcements in the building where the administration of the Association is located.

/3/ The written materials in relation to the agenda shall be made available to all members of  within a one-month period immediately preceding the General Meeting to be held, in the building where the administration of the Association is located, or, where appropriate, on the website of the Association.

Art. 24 Quorum

/1/ The General Meeting may adopt decisions in case more than half of all members are attending or are duly represented by a proxy.

/2/ In case a session of the General Meeting is not attended by the necessary number of members, the session shall be postponed by one hour and shall be held irrespective of the number of attendees, following the same agenda. The General Meeting so held shall be able to adopt valid decisionsregardless of the number of attending members, this being mandatorily stated in the invitation.

Art. 25 Adoption of decisions.

/1/ Each member shall be entitled to one vote in the General Meeting.

/2/ The General Meeting shall adopt decisions by open voting and a simple majority (50%+1) of all attending/represented members.

/3/ Any decisions under Art. 20, items 1, 2, 3, 4, 6 and 7 shall be adopted by a majority of two thirds of all attending/represented members.

/4/ Decisions may be adopted only concerning issues that have been included in writing on the agenda. Any proposals to include new issues on the agenda may be discussed by the General Meeting only in case all members are present and agree upon such arrangement.

/5/ Upon authorization in writing, the right to vote may also be exercised by another person. Relevant powers of attorney shall be submitted to the Chairman of the Managing Board before commencement of the General Meeting at the latest. One person may not represent more than  three members in the General Meeting.

Art. 26 Session minutes

/1/ Minutes shall be taken of each General Meeting, including data on the following:

1. the date and venue of the General Meeting;

2. the attendance of  members;

3. the agenda;

4. the major part of the deliberations;

5. the decisions.

/2/ The minutes shall be signed by the chair of the session and by the secretary of the General Meeting. All documents in relation to the convocation of the General Meeting shall be attached to the minutes.

2. Managing Board

Art. 27 Members

/1/ The Managing Board shall comprise five to nine members. The General Meeting shall determine the exact number of members, which shall be an odd one.

/2/ The Managing Board shall consist of individuals and/or legal entities with legal capacitythat are members of the Association, and shall be elected by the General Meeting. The members of the Managing Board that are legal entities shall exercise their rights through individuals acting as their body representatives or through expressly authorized personswho are appointedat the election of members of theManaging Board and may not be changed.

/3/ The Managing Board shall elect a Chairman and two Deputy Chairs from among its members.

/4/ The members of the Managing Board shall work pro bono and shall not receive any compensation therefor.

Art. 28 Election

/1/ The members of the Managing Board shall be elected by the General Meeting for a term of 2 (two) years.

/2/ The election of a new Managing Board shall take place at the first ordinary General Meeting following the expiry of the term of the previous Managing Board. During the period between the end of its term and the day on which the General Meeting is held, the previous Managing Board shall continue to function in accordance with this Statute. The members of the Managing Board may not be re-elected for more than two consecutive terms.

/3/ Proposals for the election of Managing Board members, provided that this is included on the agenda, may be made in writing to the Chairman of the Managing Board by each member of the Association or by the Managing Board itself at least two weeks prior  to the date of the General Meeting. Such proposals shall only be valid in case the nominated person has agreed in writing to be elected member of the Managing Board and meets the criteria under Art.13 and Art. 27, para 2 hereinabove.

Art. 29 Authority

/1/ The Managing Board shall observe compliance with the objectives of the Association and shall facilitate attainment thereof. It shall adopt the fundamental guidelines for the activity of the Association. The Managing Board shall act in compliance with the decisions of the General Meeting.

/2/ The Managing Board shall:

1.organize and carry out the operational management of the Association through the Executive Director elected by the Managing Board;

2.make proposals to amend  or supplement the Statute;

3.give recommendations on the future activities of the Association;

4. elect a Chairman and Deputy Chairs from among its members;

5.appoint and dismiss the Executive Director of the Association, determine the amount of his salary, his rights,  obligations and responsibilities;

6.adopt decisions concerning disposal of the property of the Association;

7.approve the annual financial reportfor the calendar year, which shall be presented by the Executive Director;

8.discuss the draft budget of the Association proposed by the Executive Director and put forward at the General Meeting;

9.adopt decisions to admit or exclude members from the Association;

10.form advisory and specialized committees, where necessary;

11.present a report on the activity to the General Meeting;

/3/ In addition, the Managing Board shall resolve all matters which under this Statute are not expressly referred to the authority of the General Meeting.

Art. 30 Sessions

/1/ Sessions of the Managing Board shall be held at least twice a year.

/2/ The sessions of the Managing Board shall be presided  by the Chairman or by the Executive Director.

Art. 31 Convocation of the Managing Board

/1/ The sessions of the Managing Board shall be convened by the Executive Director, the Chairman or the Deputy Chair. Invitations to the session shall be sent in writing to each member of the Managing Board ten days prior to the session date at the latest, specifying the agenda, the date, hour and venue of the session. In exceptional cases the invitation may be sent on a shorter notice. Each member of the Managing Board may, without limitation, put forward matters for discussion.

/2/ Additional sessions of the Managing Board may be convened by the Executive Director, upon the written request of one third of the members of the Managing Board, or be set at sessions of the Managing Board.

Art. 32 Quorum

The Managing Board may adopt decisions, provided that more than half of all its members are present at the session.

Art. 33 Adoption of decisions

/1/ Decisions shall be adopted by open voting and a simple majority (50%+1) of the votes of attendees. Decisions to admit or exclude members shall be adopted by a majority of two thirds of all attendees.

/2/ The Managing Board may adopt decisions without holding a session, provided that all members of the Managing Board have signed the minutes concerning the adopted decisions, without any comments or objections.

/3/ The Executive Director or an official  appointed by the latter shall takeminutes of the sessions of the Managing Board which shall be forwarded to its members.

/4/ The decisions of the Managing Board shall become effective immediately upon adoption, except in cases where they refer to matters which are subject to court registration. In such cases decisions shall become effective upon the said registration.

Art. 34 Representation

/1/ The Association shall be represented before third parties in the country and abroad by the Chairman of the Managing  Board.

/2/ Where necessary, the Managing Board may expressly appoint another of its members or assign the representation of the Association to the Executive Director.

3.Chairman. Deputy Chair.

Art. 35 Functions

/1/ The Managing Board shall elect from among its members for the duration of its term a Chairman and two Deputy Chairs. The Chairman may be re-elected for one additional term only. The office of the Chairman may be held only by individuals who have a good reputation in society. The Chairman shall be a prominent figure in the insurance sphere and shall contribute to the good name of the Association in the country and abroad. The Chairman shall represent the unity of the Association. The Chairman of the Managing Board shall also be Chairman of the Association.

/2/ The Chairman and Deputy Chairs shall:

1. facilitate the attainment of the objectives of the Association, together with the Executive Director;

2. convene the sessions of the Managing Board;

3. give advice and recommendations, identify problems and assist in the resolution thereof;

/3/ The Chairman shall:

1. represent the Association before third parties in the country and abroad;

2. preside the sessions of the General Meeting and the Managing Board;

3. appoint and dismiss the employees of the Association upon  proposal by the Executive Director.

/4/ In case the Chairman is unable to exercise the functions of his office for external reasons or due to illness, he shall be substituted by one of the Deputy Chairs selected by decision of the Managing Board, for a period of time not longer than the time until the next General Meeting. For the time of acting as the Chairman’s substitute, under this Statute the Deputy Chair shall be deemed authorized with all powers of the Chairman.

/5/ The persons elected under para 1 hereinabove shall continue to exercise their functions until the election of substitutes therefor.

4. Executive Director

Art. 36 Election

/1/ The Managing Board shall elect, appoint and discharge from office an Executive Director who shall directly manage and carry out the activity of the Association in compliance with the decisions of the Managing Board and the General Meeting. The Executive Director shall be directly subordinate to the Managing Board andshall report to the latter.

/2/ A person may not be elected Executive Director of the Association if he legally represents and/or participates in a legal entity which is an insurance broker.

Art. 37 Authority

/1/ The Executive Director shall carry out all day-to-day activities concerning the operational management of the Association within the framework of this Statute, and shall observe the compliance with the fundamental guidelines for the activity of the Association determined by the Managing Board, prepare the draft budget and exercise current control on its implementation, and be responsible for the correct and timely book-keeping.

/2/ The decisions concerning the organization and control of the work of the personnel of the Association shall be taken by the Executive Director.

/3/ The Executive Director and all employees of the Association shall exercise their functions in accordance with the principles of strict objectivity and confidentiality.

/4/ In addition to the powers described hereinabove, the Executive Director shall:

1. convene the sessions of the Managing Board and take part therein with a deliberative vote;

2.participate in person with a deliberative vote in the General Meeting and the sessions of the advisory and specialized committees;

3. supervise directly the work of the personnel;

4. prepare the draft budget and submit it to the Managing Board;

5. exercise operational control over the implementation of the annual budget;

6. prepare and submit to the Managing Board an annual plan for the work of the Association;

7. prepare and present to the Managing Board an annual report on the activity of the Association;

8.supervise the implementation of the decisions of the General Meeting and the Managing Board;

9.supervise the updating of information and the maintenance of the website of the Association;

10. organize and coordinate the work of the specialized committees.

/5/ In exceptional cases the Executive Director may represent the Association before third parties in the country and abroad upon the express authorization of the Managing Board therefor.

/6/ The Executive Director may authorize other employees of the Association or third parties for the performance of specific actions.

5. Subsidiary bodies of the Association

Art. 38 Specialized Committees

For the performance of certain functions the Managing Board may set up specialized committees in which members of the Association shall participate. The sessions of the specialized committees shall be presided by a chairman appointed by the Managing Board, who shall report to the Managing Board on the work of the relevant committee.

Art. 39 Advisory Committee

The Managing Board may appoint regular members to an Advisory Committee which shall assist the Managing Board in the process of decision-making. The Advisory Committee shall have a consulting function. The sessions of the Advisory Committee shall be convened and presided by the Chairman, and where he is unable to do so, by one of the Deputy Chair.

6. ControllingCommittee

Art. 40 Membersandauthority

/1/ The Controlling Committee shall examine the books of accounts, the accounting documents and the annual financial closing of the Association.

/2/ The Controlling Committee shall be elected by the General Meeting for a term of three years. The Controlling Committee shall consist of an odd number of controllers, the majority of whom shall be members of the Association. Members of the Managing Board may not be elected members of the Controlling Committee.

/3/ Until the thirty-first day of December  each year the Controlling Committee shall establish in a protocol signed by its members the state of cash availabilityand bank accounts. A written report shall be prepared on the check-up of the annual closing. The results of the check-up shall be announced and explained before the members of the Association at the annual General Meeting.

7. Ethics Committee

Art. 41 Membersand authority

/1/ The Ethics Committee shall review and resolve disputes and complaints resulting from infringement of the principles set forth in the Code of Ethics of the Association, as well as cases of significant breach of membership obligations arising from this Statute.

/2/ The Ethics Committee shall be elected by the General Meeting for a term of three years. The Ethics Committee shall comprise three permanent and two substitute members elected from among the regular members of the Association. In case of conflict of interests with respect to a member of the Association who is  a permanent member of the Ethics Committee, the said member shall be replaced by a substitute member of the Ethics Committee.

/3/ The Ethics Committee shall draft and present to the Managing Board a report on cases reviewed and resolved under para 1 hereinabove, including proposed penalty measures.

/4/ The Ethics Committee shall adopt by a majority of its members Rules for proceedings and review of complaints and reports of infringements,  which shall be published on the website of the Association.

/5/ The decisions of the Ethics Committee may be appealed before the Managing Board of the Association, whose decision shall be peremptory.

IV. PROPERTY OF THE ASSOCIATION

Art. 42 Formationand use

/1/ The property of the Association shall consist of ownership title and other property rights in movable and immovable property, of intellectual property rights and third-party debts to the Association.

/2/ Sources of property for the Association shall be: annual membership fees, voluntary contributions, reserved funds, grants, donations, sponsorship, fees for services provided by the Association, business activities and other sources not prohibited by the law, in case provision thereof is not on conditions which are contrary to the objectives of the Association.

/3/ The property of the Association shall be disposed of by the Managing Boardin agreement with the Executive Director.

/4/ The property of the Association shall be used solely for the purposes set forth in the Statute. The Association shall not distribute profit and its members shall not receive dividends or any other benefit fromthe resources of the Association. According to the Bulgarian law the members of the Association shall not hold any rights in the property of the Association.

/5/ The books of accounts of the Association shall be kept in BGN.

Art. 43 Business activity

/1/ The Association shall pursue the following additional business activity which shall be entirely related to the ideal purpose and the scope of activity of the Association, namely: publishing in the field of insurance, consultancy in the field of insurance, training in the field of insurance and reinsurance and other types of activity in compliance with requirements and procedures stipulated by the laws which regulate it.

/2/ The Association shall not pursue any business activity which is not related to the scope of activity set forth in this Statute and shall use the revenues therefrom solely for the purpose of attaining the objectives of the Association.

V. TERMINATION OF THE ASSOCIATION

Art. 44 Termination grounds and procedure

/1/ The Association shall be terminated:

1. by decision of the General Meeting;

2. in case it has been declared bankrupt;

3. by decision of the competent court at the seat of the Association upon the events set forth in NPLEA.

/2/ The decision to terminate the Association may only be adopted by a majority of two thirds of all members attending or represented at the relevant session of the General Meeting.

VI. LIQUIDATION OF THE ASSOCIATION

Art. 45 Liquidation of the Association. Property after liquidation.

/1/ The termination of the Association shall involve liquidation which shall be subject to the provisions of Art. 13 of NPLEA.

/2/ In the absence of a decision by the General Meeting regarding the distribution of property remaining after the satisfaction of creditors, the liquidator shall convert the property of the Association into cash and shall distribute it among the members in proportion in proportion to their property contributions.

VII. BOOKS AND SEAL OF THE ASSOCIATION

Art. 46 Books and seal of the Association

/1/ Apart from the mandatory books of accounts, the Association shall maintain books of minutes of the General Meeting and the Managing Board of the Association, a book of the members of the Association and other books as may be necessary.

/2/ The members of the Managing Board and the Controlling Committee shall be granted free access to all books of the Association.

/3/ The Association shall have a round seal bearing the inscription “Българска асоциация на застрахователните брокери”.

VIII. CLOSING PROVISIONS

Art. 47 Competent court

Any and all disputes arising from membership legal relations or pertaining to the activity or the legal status of the bodies of the Association, shall be resolved by the competent court in Sofia.

IX. TRANSITIONAL PROVISIONS

Art. 48

This Statute may be amended in accordance with the rules and procedures stipulated herein and as provided for by the Non-Profit Legal Entities Act .

Art. 49

Any matters not provided for herein shall be governed by the relevant provisions of the Non-Profit Legal Entities Act and the existing Bulgarian legislation.

This Statute was adopted unanimously by all attendees at the Founding Meeting of the non-profit association Bulgarian Association of Insurance Brokers, held on 27 October 2010 in Sofia, in evidence of which the attendees have signed this Statute herein below.

FOUNDING MEMBERS OF THE NPA

BULGARIAN ASSOCIATION OF INSURANCE BROKERS

1.I&G INSURANCE BROKERSLTD

2.GENERAL BROKERSJSC

3. SDI GROUP LTD

4.STAR INS INSURANCE BROKER LTD

5.INSURANCE BROKER EFKO INS LTD

6.MARINES INTERNATIONAL LTD

7. INSTRADE INSURANCE BROKER LTD

8.SOMONI BROKER INS LTD

9. MVM – 1 LTD

10.GRECOGLTBULGARIALTD

11.VYARALTD

12.BROKER INSLTD

13.INSURANCE BROKER ТТ INSLTD

14.INSURANCE BROKER TETRA INS JSC

15.ZBK BALKAN JSC

16.ARISTA BROKERS LTD

17.EURO BROKER LTD

18.AMARANT BULGARIA LTD

19. SIVOV GROUP LTD

20.IVM INS BROKER LTD

21. ABACUS BROKER LTD

22.AVVI LTD

23. ADMIRAL INSURANCE BROKER LTD