BULGARIA - CO-OPERATION AND ASSOCIATION 



the institute of insurance has hitherto had sufiScient means of its own and 

 has not therefore exercised this right. 



The insurance of cattle is quite different. It follows the principle of 

 mutuality. Insurance societies have been formed in the villages, and the 

 State merely acts as reinsurer (article 2). 



The insured pay their premiums to their society which pays one per 

 cent, of the sum insured to the State as a reinsurance premium. The in- 

 surance fund is increased by the grants made by the State, namely 500,000 

 francs once for all and 100,000 francs a year. 



The insurance year begins on i November and ends on 31 October 

 (article 16). 



The insured are compensated for their losses half by the State and half 

 by their respective societies, but the half due from the societies is advanced 

 to the insured by the State. 



If the compensation falling to be paid by the State surpass the amount 

 of the reinsurance premiums and the annual grant, the insurance societies 

 are obliged to pay a supplementary reinsurance premium to the State 

 (article 8). Such payment is made by the method of distribution. 



The Central Bank is responsible for the financial management of this 

 system of insurance : it receives the reinsurance premiums and the State 

 grants and pays the estimated amount of losses to the insured, taking 

 commission of from 3 to 10 per cent. 



The insurance business from 1911 to the end of 19x4 is shown by the 

 following table : 



Tabi,e IV. — Insurance against Hail. 



The business of 1914 is represented by the following table ; 



