DAVIT ONOPRISHVILI ATTENDED IAC MEETING OF INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
On March 7, another session of IAIS (International Association of Insurance Supervisors) and IAC (Assessment and Implementation Committee) was held in Basel, Switzerland where Davit Onoprishvili, head of ISSSG, a committee member since 2019, participated. It is noteworthy that the attendance and participation to the Committee meetings is mandatory for its members.
The main purpose of the meeting was to discuss the international supervision standards and to strengthen cooperation and partnership between the world’s insurance supervisory agencies. At the meeting, the progress with regard to introduction of holistic framework and the questionnaires by which the supervision of jurisdictions of association member states, including Georgia, was evaluated. The participants also concerned the progress of developing the manual for risk-based supervision which is extremely important for the developing market and developing economies.
The Association is the authority that establishes the insurance supervision standards (ICPs, Insurance Core Principles) to which Georgian insurance system/legislation has to gradually comply, according to EU Association agenda.