French insurer Cardif, a BNP Paribas company, plans to enter the Bulgarian market in 2007. Cardif is the third international insurance business company, besides Ireland's Electric Insurance and France's Axa, that will make use of EU's 'common passport' legislation allowing any branch of an authorised EU bank to establish a unit in a member state subject only to notification procedures. Electric Insurance is the one of the three, having revealed its plans to operate in Bulgaria to the local financial regulator. The Irish company plans to sell here automotive, sickness and casualty coverage from January 1, 2007. Earlier this year, news agency Reuters reported that Greece's Alpha Bank had agreed to sell products created and underwritten by French insurance company Axa through its branches in Bulgaria. The deal was part of Axa's EUR 255m take-over of Alpha bank's insurance arm Alpha Insurance.