DAVID ONOPRISHVILI PARTICIPATED IN THE ANNUAL MEETING OF INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Within the scope of IAIS membership, David Onoprishvili, head of ISSSG visited Tokio, Japanese capital to participate in the annual conference of the Association on behalf of the Service and the country, He also participated in different meetings. The annual conference normally gathers the representatives of insurance supervision authorities of more than 150 countries, including large insurance companies and other stakeholders.
This year, the Conference was opened by a welcome speech of Japanese Prime-Minister, Fumio Kishida, who reviewed current challenges of the insurance sphere, including, the risks related to climate change and cyber security and the necessity to address these risks efficiently.
At the meeting, , Mr. Shigeru Ariizum, deputy Minister of Financial Service Agency of Japan in the area of international relations was presented to the conference participants as a new chair of the Executive Committee of the Association. He shared his insights and vision about future activities, including in the area of strengthening the social role of supervision authorities and the need to develop a strategic plan for 2025-2029. Like Mr. Zriizum said, the plan will be focused on introduction of standards and capacity building. Thereby, Victoria (Viki) Saporta, former chairperson of the executive committee was officially and solemnly thanked and sent-off.
At the meeting of the executive committee, the discussions were held about different issues: challenges of the macro-economic environment, climate change-related risks, operational sustainability, consumer rights protection and the importance of artificial intellect in the insurance sphere. The final conclusive part was dedicated to the role of insurance regulators and supervision authorities in addressing the above-referred challenges.
David Onoprishvili, as the member of the IAC (Assessment and Implementation Committee) participated in the meeting dedicated to the discussion and approval of the progress reports of different Committees of the Association. Also, the scenario caused by the climate change risks in the insurance sector, market behavior and the role of the artificial intellect were discussed. Furthermore, the Committee, as part of its work, planned the evaluation of the insurance market development of different association member states against one of the main principle of the insurance (ICP - Insurance Core principles).
David Onoprishvili also participated in the round table discussion dedicated to the protection of consumer rights and shared the current practice in Georgia and provided information about the measures implemented or planned for future.