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What does DZI mean?
- DZI, an acronym for State Insurance Institute is a Bulgarian company primarily engaged in various forms of insurance. On 27 June 1946 Bulgaria passed a law providing for nationalization of insurance companies and for a state monopoly on insurance business. Based on this law, all assets and liabilities of the existing public and cooperative insurance companies, mutual insurance funds, insurance departments of banks etc. are transferred to the State Insurance Institute. All valid insurances and portfolios, debts, as well as reinsurance contracts preserved their validity and were transferred by rights to DZI. By this act, effectively, were merged the active insurance companies into a bigger one. The state insurance control also ended its activity because the functions of the insurance control were transferred to DZI too. DZI was created by this law as an autonomous company, juridical entity with headquarters in Sofia and with a complex structure, functioning in this way until 1952 when the establishment of branches and gradual decentralization of the Institutes activity began. DZI functioned as the only insurance company in Bulgaria until 1961 when a government decree established the Bulgarian foreign insurance and reinsurance company “Bulstrad” founded on the then existing department within the DZI. The main shareholder in “Bulstrad” was the Finance Ministry and one of the principal shareholders was DZI itself. “Bulstrad” dealt with all insurance contracts related to obligations outside of the territory of the country – marine, aviation, tourist etc., while DZI kept its monopoly over insurance business inside the country.