Visit of David Onoprishvili to South Africa
David Onoprishvili, chairman of Insurance State Supervision Service of Georgia (ISSSG) is visiting South Africa within Georgia’s membership in the International Association of Insurance Supervisors (IAIS). The 2024 IAIS Annual General Meeting, committee meetings and annual conference are being held in Cape Town, which are hosted by the South African Reserve Bank and the Financial Sector Conduct Authority.
On December 3, David Onoprishvili, as a committee member, participated in the Implementation and Assessment Committee (IAC) meeting. The primary role of IAC includes reviewing and approving reports from various IAIS committees. During this session, discussions focused on evaluating the insurance market development of member countries in alignment with the Insurance Core Principles (ICP), which is a key area of the committee’s work. Other issues discussed at the meeting were: a memorandum on the unified framework for supervising internationally active insurance groups and a guide for transitioning to risk-based solvency (RBS) regimes, which provides guidance on the key considerations in the process of setting up an RBS regime and implementing such a regime. Additionally, the meeting addressed the association’s 2025-2029 action plan, with a focus on digital innovations and cyber risks.
The ISSSG continues its active collaboration within the IAIS to foster the further development of the country’s insurance market and its alignment with international standards. Participation of David Onoprishvili in the committee’s activities highlights Georgia’s contribution to global insurance initiatives. Future challenges, such as managing digital innovations and cyber risks, also represent new opportunities. These areas are expected to become critical components of the sustainable and secure development of Georgia’s insurance sector.
ISSSG is also working intensively on integrating Georgia’s insurance system with European standards, including the gradual implementation of Solvency II. Efforts are underway across all areas of industry to align with international insurance regulatory frameworks. These initiatives will inevitably drive the sector’s development, introduce modern approaches and significantly enhance the country’s social welfare trajectory.