28/06/2022
16:02
Economic
“We need to move from the prudential supervision to the risk-based supervision in the insurance sector,” - Irakli Kovzanadze, the Chairman of the Georgian Parliamentary Committee on Finance and Budget, said in a welcoming speech at the closing ceremony of the EU-funded Public Service Twinning Project (TWINNING) - "Strengthening the Capacities of the State Insurance Supervision Service of Georgia".
According to Irakli Kovzanadze, a new insurance bill has been prepared within the framework of the TWINNING project, which will be different from the current legislation.
The Chairman of the Finance and Budget Committee also spoke about the statistics of the insurance sector. "As of March 31, 2022, the insurance premiums attracted by 18 insurance companies from direct insurance activities amounted to 267.6 million GEL, the insurance profit of insurers - 42.6 million GEL. The total assets of insurance companies are 1,111.8 million GEL, and the capital is 324.7 million GEL,"- Irakli Kovzanadze said, noting that the insurance market has great potential for further growth, which requires more activity and innovation.
Today, the closing ceremony of the EU-funded Public Service Twinning Project (TWINNING) entitled "Strengthening the Capacities of the State Insurance Supervision Service of Georgia" was held.
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