The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Georgia, including:
- An overview of the insurance regulatory framework in Georgia.
- The latest key changes and changes expected in Georgian insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Georgia.
- Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
Timetric’s 'Governance, Risk and Compliance - The Georgian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Georgia. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.
The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
- This report covers details of the insurance regulatory framework in Georgia.
- The report contains details of rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the Georgian insurance regulatory framework.
- The report analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.
- The report provides details of taxation imposed on insurance products and companies.
Reasons to buy
- Gain insights into the insurance regulatory framework in Georgia.
- Track latest regulatory changes and expected changes impacting the Georgian insurance industry
- Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country
- Understand key regulations and market practices relating to various types of insurance product.
- National Bank of Georgia is the government regulatory body supervising and regulating the Georgian insurance industry.
- 100% FDI is permitted in the Georgian insurance industry.
- National Bank does not permit insurance companies to carry out both life and non-life insurance business under a composite insurance license.
- The placement of non-admitted insurance is not permitted in the Georgian insurance industry. However Lloyd’s underwriters are permitted to sell reinsurance business without license.
- All insurance companies registered as limited liability companies are required to change their legal status to form joint-stock companies before July 1, 2015.
Table of Contents
1.1 What is this Report About?
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Change in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance regulations
2.3.2 Property insurance regulations
2.3.3 Motor insurance regulations
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance regulations
2.3.6 Personal accident and health insurance regulations
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Social security insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 National Bank of Georgia
2.5.3 Georgian Insurance Association (GIA)
2.6 Non-Admitted Insurance Regulations
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.9 Legal System
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
List of Table
Table 1: Insurance Industry Definitions
Table 2: Georgia – Insurance Regulatory Framework Key Features
Table 3: Georgia – Life Insurance Regulatory Framework
Table 4: Georgia – Property Insurance Regulatory Framework
Table 5: Georgia – Motor Insurance Regulatory Framework
Table 6: Georgia – Liability Insurance Regulatory Framework
Table 7: Georgia – Corporation Tax Rates for the Financial Year 2015
List of Chart
Figure 1: Georgia – Insurance Supervision and Control at Various Levels
Figure 2: Georgia – Insurance Regulatory Frameworks for Company Registration and Operation
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