Mr. David Onoprishvili participated in International Seminar on Insurance Supervision in Shanghai, China
Pursuant to an official invitation extended by Mr. Shengbang Wang, Director General of Legal and Regulations Department of the National Financial Regulatory Administration of China, Mr. Davit Onoprishvili, Chairman of the Insurance State Supervision Service of Georgia (ISSSG), participated in a high-level international seminar on insurance supervision, held in Shanghai, People’s Republic of China.
The two-day workshop focused on international standards established by the International Association of Insurance Supervisors (IAIS) and the Financial Stability Board (FSB), related to capital requirements, resolution regime, climate-related risks, reinsurance, and emerging supervisory approaches to financial innovation. Within the framework of joint sessions, participants conducted in-depth discussions on the macroeconomic implications for the insurance sector. Particular attention was given to the implication of interest rate fluctuation impact on insurers, as well as cross-sectoral financial stability interlinkages between the banking and insurance sectors in the context of financial stability. The discussions also covered key components of the Insurance Capital Standard (ICS), the outcomes of its implementation, and key elements of the holistic framework, including global monitoring exercise, supervisory materials, and implementation assessments.
Within the working visit to the People’s Republic of China, Chairman of the Insurance State Supervision Service of Georgia, Mr. Davit Onoprishvili, held a meeting with Mr. Jonathan Dixon, Secretary General of the International Association of Insurance Supervisors (IAIS). In addition, Mr. Onoprishvili engaged in bilateral meetings with heads of counterpart regulatory authorities from several countries, including: Mr. Gorazd Šibej, Director of the Insurance Supervision Agency of the Republic of Slovenia; Mr. Ante Žigman, President of the Board of the Croatian Financial Services Supervisory Agency; Mr. Yuanqi Xiao, Vice Minister of the National Financial Regulatory Administration of the People’s Republic of China; Mr. Marko Ivanović, President of the Council of the Insurance Supervision Agency of Montenegro; and Mr. Javier Castillo Garcia, Head of International Relations at the Directorate General of Insurance and Pension Funds, Ministry of Economy and Digitalization of the Kingdom of Spain. These high-level bilateral meetings focused on exploring forms for enhancing cooperation and exchanging views on planned future initiatives within insurance supervision.
The international seminar, held on April 22–23 in Shanghai, was co-organized by the Financial Stability Institute (FSI), the Bank for International Settlements (BIS), the International Association of Insurance Supervisors (IAIS), and the National Financial Regulatory Administration (NFRA) of the People’s Republic of China.