Georgia Insurance System prepared for the impact of Covid-19

The Covid-19 pandemic has caused a major disruption to the economy, business and people. In order to mitigate this impact, the European Retirement Insurance and Pension Authority (EIOPA) is working in close cooperation with the national supervisory authorities in the sector.

The European Union considers Georgia to be a key partner in the region while maintaining support for its sovereignty and territorial integrity within its internationally recognised borders. Added to this is Georgia’s firm commitment to political association and economic integration with the European Union.

Given that Covid-19 is having a huge impact on the world economy, including financial services, strengthening the sector and the Georgia Insurance Supervision Service (ISSSG) is considered a priority.

As part of the Georgia Insurance Supervision Service Strengthening Project, the Directorate General of Insurance and Pension Funds (DGSFP) in Spain, has restructured the twinning project. Since the start of the pandemic, Spanish specialists have given seven online training sessions that have addressed topics related to the analysis of legislation, insurance and reinsurance, fund reviews, evaluation of the country’s technical provisions and seminars on the main characteristics of the Solvency II regime, among others.

The changes in the project are included in a contingency plan, in which the activities have been transformed so they can be delivered through virtual platforms allowing the project to maintain its schedule of planned activities

The ISSSG staff and the representatives from the insurance companies that have participated in the training have shown great interest, a high degree of participation and proactivity, as well as a commitment to participate in future meetings to analyse the Solvency II rules in more detail.

ABOUT THE PROJECT

With a duration of 21 months, this Twinning project, which is funded by the European Union and managed by FIIAPP, aims to strengthen the capacities of the Georgian State Insurance Supervision Service by harmonising the pertinent legal framework, as well as the functions and operations of the ISSSG, with EU regulations regarding the Solvency II rules.