The Insurance State Supervision Service of Georgia published an update on the official visit of its head, David Onoprishvili, to Basel as a member of the International Association of Insurance Supervisors. From June 29 to July 1, he joined working meetings of the association’s main committees and a strategic session at the Bank for International Settlements focused on challenges facing the global insurance sector, the direction of supervisory policy and the IAIS’s future strategic priorities. The agenda covered committee reports, future projects and other initiatives intended to improve the sector’s response to current challenges. Discussions placed particular emphasis on the impact of technological change on insurance markets, financial stability, crisis management mechanisms and the resilience of insurers to financial shocks. A further strategic theme was stronger participation by countries with developing economies in the drafting of international regulatory standards. During the visit, Onoprishvili also held bilateral meetings with IAIS Executive Committee Chair Toshiyuki Miyoshi and supervisory representatives from Slovenia, Spain, France and Germany. Those meetings addressed greater involvement of low and middle development countries in IAIS work, deeper professional cooperation and the scope for future joint initiatives.

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