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About Insurance State Supervision Service

 

At the initial stage of market development of economy in Georgia, ongoing socio-economic reforms and consequently, the need to develop an insurance system has led to an adoption of the law of Georgia “On Insurance” by the Parliament of Georgia on May 2, 1997, which after a number of amendments and changes is still valid.

According to the Law and the Decree of the President of Georgia of June 29, 1997, there was established the Insurance State Supervision Service of Georgia to supervise and regulate the insurance activities, which at the initial stage was an independent state subordinated institution.

According to the amendments to the Law of Georgia “On Insurance” of June 20, 2001 and the decree of the President of Georgia of September 16 of the same year, Insurance State Supervision Service of Georgia was transformed from a sub-institution into a legal entity under public law.

According the amendments to the Georgian law “On Insurance” on 11 July, 2007, the Service, as an independent LEPL, has stopped to function in this form and was declared legal successor of public entity - the Financial Monitoring Service of Georgia.

On March 14, 2008, there were again made changes/amendments to the Georgian law “On Insurance” and supervisory functions on insurance sector that were assumed by the Georgian Financial Supervisory Agency, the established authority according to the Georgian Organic Law - “about the National Bank of Georgia” that supervised the financial sector in general.

On September 24, 2009, there were again made changes/amendments to the Georgian law “On Insurance” and supervisory functions on insurance sector were assumed by the National Bank of Georgia and the Service has become its one of structural subdivision (department).

On March 20, 2013, there were again made changes and amendments to the Georgian law “On Insurance”, based on which Insurance State Supervision Service of Georgia was turned from the subdivision (department) of National Bank of Georgia to LEPL and become an independent national regulatory body.

According to the Georgian Government Decree of May 02, 2013, there was approved the regulation of the Service, which determined that the Service is an 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.