Project that has strengthened the insurance sector in Georgia comes to an end

After three years, the twinning project “Capacity Building of the State Insurance Supervisory Service of Georgia (ISSSG)” funded by the European Union and co-led by FIIAPP, is coming to an end.

This project has been one of the four twinning projects implemented by FIIAPP in Georgia so far, with the collaboration of the Directorate General of Insurance and Pension Funds of Spain (DGSFP), the governing and regulatory body of the Ministry of Economic Affairs and Digital Transformation.

What have been the objectives?

The main goal has been to support the fulfilment of Georgia’s commitments in the context of the EU-Georgia Association Agreement, which aims to lead to an improvement in the efficiency, accountability and safety of the country’s financial sector. In addition, the objectives of the project include:

To adapt the beneficiary country’s insurance legislation to the EU Solvency II regulatory framework in order to strengthen the supervisory powers of the ISSSG under this legal framework.
To promote the transition of Georgian insurance companies‘ operations from Solvency I to Solvency II and to promote inter-institutional cooperation.

Results

After 50 missions and three study visits, 100% of the objectives set have been achieved, which were highlighted on 25 August at the last Steering Committee of the project.

At this event, the Georgian Project Leader and President of the ISSSG, David Onoprishvili, highlighted the great work done despite the pandemic and related complications. He added that Solvency II is a big challenge, but that the project has managed to cover all related issues, together with a comprehensive draft regulation that will now be further worked on internally. He concluded by thanking the DGFSP and the Spanish experts for their efforts and hard work, and also the EUD and FIIAPP for their interest in cooperating with Georgia.

María Luisa Álvarez, Project Leader and State Insurance Inspector, thanked the beneficiary institution for the trust placed in the team to carry out the project. She also acknowledged the work of all the experts from both Spain and Georgia involved in the process, as well as thanking the DUE, the DGSFP, the Ministry of Economic Affairs and Digital Transformation, and the FIIAPP, for their invaluable contribution.