The Insurance State Supervision Service of Georgia reported that its head, Davit Onoprishvili, participated in the Central, Eastern Europe and Transcaucasia (CEET) meeting of insurance supervisors in Ljubljana on 20–21 November, focused on “Overcoming Gaps – Sustainability, Risk and Inclusion in the Regional Insurance Market”. During a panel in the third session, he presented Georgia’s work and challenges in moving from Solvency I to Solvency II. The Service highlighted challenges including market size, the need for future systemic changes, shortages of qualified personnel, and industry readiness. The session also covered Own Risk and Solvency Assessment (ORSA) within risk-based supervision, International Association of Insurance Supervisors (IAIS) views on implementing risk-based solvency in practice, proportionality in risk-based supervision, and regional experience with Solvency II transition; other sessions addressed consumer protection (including product oversight, intermediaries, corporate governance, and fair treatment of consumers) and the development of agricultural insurance and best-practice sharing.
Insurance State Supervision Service of Georgia 2025-11-21
Insurance State Supervision Service of Georgia shares Solvency II transition challenges at CEET supervisors meeting in Ljubljana
Davit Onoprishvili, head of the Insurance State Supervision Service of Georgia, participated in the CEET meeting of insurance supervisors in Ljubljana, discussing Georgia's transition from Solvency I to Solvency II. Key challenges included market size, systemic changes, personnel shortages, and industry readiness. The meeting also addressed ORSA, IAIS views on risk-based solvency, proportionality, consumer protection, and agricultural insurance development.