Central, Eastern Europe and Transcaucasia Regional Conference in Budapest
On October 28-29, National Bank of Hungary hosted the annual regional conference of the Central, Eastern Europe and Transcaucasia (CEET) under the International Association of Insurance Supervisors (IAIS). At the invitation of the National Bank of Hungary, the chairman of the Insurance State Supervision Service of Georgia, David Onoprishvili, attended the event in Budapest.
The CEET regional conference focused on current insurance trends and supervisory practices, sustainability (ESG), risks related to climate change, including greenwashing, digital innovations, FinTech, SupTech, and cybersecurity. The agenda also included topics such as amendments to the Solvency II directive, challenges to insurance sector development from a regional perspective and discussions on IAIS’s comprehensive and outcome-oriented framework (ComFrame) and the implementation of its Insurance Core Principles (ICP), as well as capacity-building initiatives.
It is noteworthy that the IAIS is the global standard-setting body for insurance supervisors and regulators, comprising more than 200 jurisdictions. Georgia’s insurance system and legislation, like those of other member countries are seeking to get gradually aligned with the international supervisory standards established by the IAIS.
The CEET region includes the following member countries: Albania, Armenia, Azerbaijan, Bosnia and Herzegovina, Bulgaria, Czech Republic, Estonia, Hungary, Israel, Latvia, Lithuania, Moldova, Montenegro, Poland, Georgia, Croatia, Kosovo, North Macedonia, Serbia, Romania, Slovakia, Slovenia, and Turkey.
The annual meetings held within the framework of the CEET Regional Committee are considered key events, aiming to discuss and share important issues among the organization’s members across the region.