Professor Karel Van Hulle held working meeting with Insurance State Supervision Service of Georgia
Chairman of the Insurance State Supervision Service of Georgia (ISSSG), David Onoprishvili, invited Professor from the Catholic University Leuven and the Goethe University in Frankfurt, Karel Van Hulle and hosted him on 8-9 December 2025 in Tbilisi. During the visit Professor Van Hulle held a working meeting with the representatives of the ISSSG.
Professor Van Hulle is a Distinguished International expert and lecturer. He joined the European Commission in 1984 and undertook a few roles relating to Company Law and Financial Reporting. In 2004-2013, he served as the Head of Insurance and Pensions in the Internal Market and Services Directorate General. In that capacity, he represented the European Commission within the European Insurance and Occupational Pensions Authority (EIOPA) and was a member of the Technical Committee of the International Association of Insurance Supervisors (IAIS). His main project was the elaboration and negotiation of a new solvency regime for the insurance and reinsurance sector (Solvency II).
ISSSG is working towards gradual transitioning to a risk-based solvency regime, which requires the implementation of appropriate supervisory approaches. For a smooth transition to the new system, it is important to prepare both ISSSG representatives and the insurance industry.
Within the working meeting, Professor Van Hulle made presentations on SOLVENCY II system existing in the EU and other related issues, including roadmap on the introduction of a risk based supervisory and solvency capital regime in Georgia, discussion of the step-by-step approach, system of governance and Solvency II review.
This was a unique opportunity for the representatives of the ISSSG to get familiar with the new system and listen explanations directly from the person who was responsible for introduction of this system for EU countries. The participants also had an opportunity to ask questions in person about the implementation of the new system considering its specificity.