Professor Karel Van Hulle held working meeting in Tbilisi with the Georgian insurance undertakings
Chairman of the Insurance State Supervision Service of Georgia, David Onoprishvili invited Professor Karel Van Hulle to meet Georgian Insurance Undertakings on 6th June, 2024 in Tbilisi. He lectures at the Catholic University Leuven and at the Economics Faculty of the Goethe University in Frankfurt.
In 1990 Professor Van Hulle was nominated Distinguished International Lecturer in Accounting by the American Accounting Association. Professor Van Hulle joined the European Commission in 1984 and undertook a few roles relating to Company Law and Financial Reporting. From 2004 until March 2013, he served as Head of Insurance and Pensions in the Internal Market and Services Directorate General. In that capacity, he represented the European Commission within the European Insurance and Occupational Pensions Authority (EIOPA) and was a member of the Technical Committee of the International Association of Insurance Supervisors (IAIS). His main project was the elaboration and negotiation of a new solvency regime for the insurance and reinsurance sector (Solvency II).
Within the framework of the EU-Georgia Association Agreement, Georgia has an obligation to ensure harmonization of the national legislation with the Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 “on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)”. This envisages transition to the risk-based solvency regime and after adoption of the new law its requirements will become mandatory for all Insurance undertakings operating in Georgia.
Within the working meeting, Professor Van Hulle made a review of the Solvency II system existing in EU and other related issues. This was a unique opportunity for the representatives of the Georgian insurance industry to get familiar with the new system and listen the lecture directly from the person who was responsible for the introduction of the mentioned system for EU countries. The participants also had an opportunity to ask questions in-person on implementation of the new system considering its specificity.