Tokushev & Partners and Musseva & Ivanov have helped MFG Ins obtain an insurance license from the Financial Supervision Commission of Bulgaria.
MFG Ins is part of the Sofia-based MFG Group, which specializes in non-banking financial services and fintech.
According to Tokushev & Partners, this is the first time such a license has been granted in almost ten years. The license grants MFG Ins the right to “access the European single market under the Solvency II framework in force since 2016. The license covers the provision of niche insurance services within four classes of insurance: miscellaneous financial loss, accident, travel assistance, and fire and natural disasters.”
The Tokushev & Partners team was led by Partner Ivan Antov and included Partner Boris Teknedzhiev, Senior Associate Bogdan Karadjov, and Associate Margarita Mitkova.
Musseva & Ivanov's team was led by Managing Partner Alexander Ivanov.