Short History of State Insurance Supervision Service Development
 
At the initial stage of development of the market economy in Georgia, ongoing socio-economic reforms and consequently, the need of development of insurance system has led to adoption of the law of “Insurance” by the Parliament of Georgia on May 2, 1997, that after a number of amendments and changes is still valid.  
According the Law and Presidential Decree on 29 June, 1997, there was established the Insurance State Supervision Service of Georgia for supervising the insurance activity and regulation, that at the initial stage was an independent state subordinated institution.    

By June 20, 2001, because of the amendments in the Georgian law of “Insurance” and according to the Presidential Decree of September 16 of the same year, Insurance State Supervision Service of Georgia was transformed to LLPL from sub-institution.        
According the amendments in the Georgian law of “Insurance” on 11 July, 2007, the service, as an independent LLPL, has stopped functioning in this form and his legal successor was declared the public entity - the Financial Monitoring Service of Georgia.     
 
On March 14, 2008, there have been again made changes-amendments to the Georgian law of “Insurance” and supervisory functions on insurance sector were combined with the Georgian Financial Supervisory Agency –“about the National Bank of Georgia” established by the authority of the Georgian organic law, that was generally providing the supervision on the financial sector.     
 
On September 24, 2009, there have been again made changes-amendments to the Georgian law of “Insurance” and supervisory functions on insurance sector were combined with the National Bank of Georgia and the service has become the one of its structural subdivision (department).
 
On March 20, 2013, there have been again made changes and amendments to the Georgian law of “Insurance”, based on which Insurance State Supervision Service of Georgia has turned from the subdivision (department) of National Bank of Georgia to LLPL and become an independent national regulatory body.     

According to the Georgian Government Decree of May 02, 2013, there has been approved the regulation of the service, which determined that the service is independent in its activity and is accountable to the Government of Georgia. It is worthy to mention, that service has completely assumed the duties and the responsibilities of supervision from the National Bank of Georgia in insurance and state pension scheme issues.