David Onoprishvili attended the International Insurance Forum in USA
Chairman of the Insurance State Supervision Services of Georgia, David Onoprishvili was invited to participate in International Insurance Forum organized by NAIC – National Association of Insurance Commissioners on May 16-17, 2024.
Keynote speeches were given by: Andrew N Mais - NAIC President and Commissioner, Connecticut Insurance Department; Eric Dunning – Chair, International Insurance Relations (G) Committee and Director, Nebraska Department of Insurance; As well as Shigeru Ariizumi – Vice Minister for International Affairs, Financial Services Agency of Japan; Chair, Executive Committee, International Association of Insurance Supervisors.
Forum participants discussed the issues following the COVID-19, considering that the industry was poised for significant change. They highlighted that after this the focus of many consumers, firms and supervisors is now on artificial intelligence (AI), climate risk, resiliency, and development of technologies. The speakers mentioned that introduction of artificial intelligence (AI) allows insurers and supervisors to better manage processes and develop efficiencies within their respective organizations, on one hand, but on the other hand, technology brings new risks and challenges, and we need to have on place adequate approaches to handle with them. The panelists discussed what they thought 2024 would bring and what they see on the horizon for the industry. Moreover, IAIS members are in the process of finalizing their strategic plan for the next five years, which will guide the organization through the end of the decade.
As we know NIAC was founded in 1981 and is U.S. standard-setting organization governed by the chief insurance regulators from the 50 states. As well as ensures effective regulation of the industry and protection of the consumers. So, it is important that ISSSG had an opportunity to attend this forum and share international experience on various issues, information on globally existing challenges in the insurance industry and how to deal with them. All this will serve further development of the ISSSG and insurance industry in Georgia.
It is also important that within the above-mentioned forum, the Chairman of the ISSSG had an opportunity to meet Petra Hielkema – Chair of the European Insurance and Occupational Pensions Authority and Eric Dunning – Chair, International Insurance Relations (G) Committee and Director, Nebraska Department of Insurance.