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A Closer Look: Tokushev & Partners' Ivan Antov on Helping MFG Group Obtain Its Insurance License

A Closer Look: Tokushev & Partners' Ivan Antov on Helping MFG Group Obtain Its Insurance License

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On February 21, 2023, CEE Legal Matters reported that Tokushev & Partners had assisted MFG Ins in obtaining an insurance license from the Financial Supervision Commission of Bulgaria. CEELM reached out to Tokushev & Partners Partner Ivan Antov to learn more about the matter.

CEELM: At what stage did the Tokushev & Partners team become involved in this project?

Antov: The Tokushev & Partners Law Office supported Management Financial Group's (MFG) efforts to obtain an insurance license from the start of the process to its successful conclusion. The process of obtaining an insurer's license is long and complex and it took us approximately ten months to complete it. We are satisfied that our team's efforts have been rewarded and that we achieved something that had not happened in the Bulgarian market for almost ten years.

CEELM: And what precisely was your office’s mandate? How was the work split between you and the Musseva & Ivanov team?

Antov: Tokushev & Partners was selected as the leading legal advisor for the licensing proceedings, the main reason for which was our previous expertise in insurance consulting, as well as my personal experience gained at the Financial Supervision Commission. We were involved not only in the legal work itself – related to the drafting of the numerous required internal documents – but also to some extent in project management, assisting the client in the selection of members for the insurer's board and actuary, and advising on the structuring of its operations. We are grateful for the excellent interaction with our colleague Alexander Ivanov, Co-Owner of the Musseva & Ivanov Attorney Partnership, a leading expert in the regulation of non-bank financial institutions, who communicated with the client – with whom he has a long-standing relationship – and substantially contributed with his compliance experience to the preparation of some of the required documents.

CEELM: And for the Tokushev & Partners' team side – who took the lead on what aspects of the work?

Antov: As I mentioned before, my experience working in the Bulgarian regulator, even though many years ago, helped me to structure the project and take on the position of a team leader. In this particular work, I received outstanding support from my colleagues, Partner Boris Teknedzhiev, Associate Margarita Mitkova, and, especially, our former Senior Associate Bogdan Karadzhov (who has since moved in-house). We formed a team with different approaches and different energies, but of people who share the same values, the same vision, and the same attitude towards our clients and business. I can confidently say that, without their efforts, the successful implementation of the project would not have been a fact.

CEELM: What would you say was the most complex aspect of the matter?

Antov: The work went smoothly thanks to the good expertise and internal organization of our client, the Management Financial Group. Their previous experience in the field of non-bank financial institutions was also the biggest challenge for us, because we had to modify it according to the specifics of the insurance regulation. Obviously, we were able to cope with this challenge and today we can congratulate ourselves on the successful completion of the procedure.

CEELM: By contrast, what do you believe ran particularly smoothly?

Antov: I believe that our cooperation with Alexander Ivanov was very beneficial, insofar as we were able to combine his previous experience and knowledge of the client's specifics with our in-depth understanding of the insurance sector. I also cannot hide my satisfaction with the team of MFG Ins that we helped to put together. With this team, I believe that MFG Ins will achieve the goals it has set for itself.

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