David Onoprishvili’s Visit to the Slovak Republic
On 15–16 October, David Onoprishvili, Chairman of the Insurance State Supervision Service of Georgia (ISSSG), attended the International Association of Insurance Supervisors (IAIS) Central, Eastern Europe and Transcaucasia (CEET) Regional Seminar, “Navigating Longevity Risk: The Role of Insurance in an Ageing Society,” in Bratislava, Slovak Republic. David Onoprishvili was in Bratislava at the official invitation of the National Bank of Slovakia.
The chairman of the ISSSG has been re-elected for a second term as the representative of this region on the IAIS Executive Committee (ExCo), which provides an opportunity to strengthen Georgia’s representation within the international insurance community and to continue the country’s active participation in the association’s activities.
The seminar addressed the challenges arising from population ageing and increasing life expectancy, the sustainability of pension systems and the role of the insurance sector in ensuring financial security. Particular attention was given to the role of insurance supervisory authorities in managing longevity risks, protecting consumer interests and supporting financial stability. Participants also discussed the development of long-term care insurance, reverse mortgages and supplementary pension schemes.
The seminar brought together representatives of the IAIS, the Organization for Economic Co-operation and Development (OECD), the European Insurance and Occupational Pensions Authority (EIOPA), the International Organization of Pension Supervisors (IOPS) and relevant authorities from various countries to share international and regional perspectives. Discussions focused on strengthening public-private sector cooperation in response to demographic change, improving access to insurance products and developing mechanisms to ensure long-term financial protection.
Participants exchanged experiences regarding market developments and supervisory practices across jurisdictions. Discussions also covered the impact of emigration on longevity and demographic trends, the prospects for developing long-term care insurance products and policy approaches to stimulating both the supply of and demand for such products.
During the discussions, David Onoprishvili presented an overview of Georgia’s current pension system and demographic situation, outlining the development prospects for the mandatory funded pension system and voluntary private pension schemes. He also highlighted the ISSSG’s supervisory role in shaping policies for the development of private pension schemes, assessing relevant risks and ensuring the sustainability of the insurance market.
Following the seminar, a working meeting was held with Gorazd Čibej, Managing Director of the Insurance Supervision Agency of Slovenia and CEET Regional Coordinator; Koppany Nagy, Director of the Directorate for Insurance, Pension Funds, Financial Enterprises and Intermediaries Supervision at the National Bank of Hungary; and Júlia Čillíková, Executive Director of the Supervision and Financial Consumer Protection Department at the National Bank of Slovakia. The meeting addressed bilateral and regional cooperation, common challenges facing the insurance sector and possible approaches to addressing them.
Strengthening cooperation among national insurance supervisory authorities and international organizations, exchanging experience and discussing existing policies and supervisory approaches contribute to the effective management of risks associated with population ageing and the enhancement of long-term financial security.