World bank Experts’ Mission at ISSSG
Within the scope EU-funded ‘’Project to Enhance Financial Inclusion and Accountability in Georgia’’, World Bank experts held meetings with ISSSG staff. There were daily meetings with Mr. Davit Onoprishvili, head of Insurance State Supervision Service of Georgia between October 31 and November 3 to discuss critical issues of sector development, such as, the perspectives of development/introduction of different insurance products, including the mandatory insurance of civil responsibility of the vehicle owner, necessary steps to be made in the area of long-term life insurance and relevant legislative changes, insurance from medical error, insurance of constructors’ and architects’ responsibility, etc.
The meeting participants also talked about the current situation in terms of introduction of Solvency 2 and the grounds for the development of the profession of actuary, including the necessary measures for obtaining the relevant education. World Bank Experts shared the best international practice with ISSSG representatives, relevant recommendations to address challenges and policy-related issues.
Giving regard to the current practice in the advanced countries of the world, special focus was made to the need for institutional strengthening of the Supervision Service, increasing the degree of its independence (including financial) and bringing the regulatory functions of the Service into full compliance with basic principles of the International Association of Insurance Supervision.