Governance, Risk and Compliance - The Georgian Insurance Industry
December 2018
53
About the Report
About the Report
Governance, Risk and Compliance - The Georgian Insurance Industry
Summary
GlobalData'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 operation of insurance and reinsurance companies and intermediaries.
The report brings together GlobalData's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
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 the country's 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 parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
Key Highlights
- The Insurance State Supervision Service of Georgia is the government regulatory body supervising and regulating the Georgian insurance and reinsurance industry.
- Composite insurance is permitted in the country.
- 100% foreign direct investment is allowed in the insurance industry.
- The placement of non-admitted insurance is not allowed in the Georgian insurance industry.
- Aviation liability, insurance for mass gatherings, professional liability insurance for auditors and audit firms are some of the compulsory classes in Georgia.
Scope
- The report covers details of the insurance regulatory framework in Georgia.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to buy
- Gain insights into the insurance regulatory framework in Georgia.
- Track the latest regulatory changes, and expected changes impacting the Georgian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
Products
Products
Insurance, Governance, risk and compliance, Regulatory framework, Life insurance, Property insurance, Motor insurance, Liability insurance, Marine, aviation and transit insurance, Personal accident and health insurance, Compulsory insurance, Licensing requirements, Minimum capital requirements, Solvency requirements, Non-admitted insurance, Reserve requirements, Investment regulations, Licensing fee, Authorization fee, Risk-based capital framework, Accounting standards, Returns requirement, Consumer protection, Law, Regulation, Act, Tax, Insurance premium tax, Corporate tax, VAT, Legal system, Court system
Table of Contents
Table of Contents
Table of Contents
1 INTRODUCTION 6
1.1 What is this Report About? 6
1.2 Definitions 6
2 GOVERNANCE, RISK AND COMPLIANCE 8
2.1 Legislation Overview and Historical Evolution 9
2.2 Latest Changes in Regulation 10
2.3 Legislation and Market Practice by Type of Insurance 14
2.3.1 Life Insurance 17
2.3.2 Property Insurance 18
2.3.3 Motor Insurance 21
2.3.4 Liability insurance 22
2.3.5 Marine, aviation and transit insurance 22
2.3.6 Personal accident and health insurance 23
2.4 Compulsory Insurance 25
2.4.1 Liability insurance for ships with respect to oil pollution 25
2.4.2 Aviation liability insurance 26
2.4.3 Motor third-party liability insurance for owners of foreign motor vehicles entering the territory of Georgia 26
2.4.4 Compulsory civil liability insurance for mass gatherings 28
2.4.5 Compulsory insurance against risk of pollution resulting from activities related to hazardous substances 30
2.4.6 Professional liability insurance for auditors or audit firms 30
2.5 Supervision and Control 31
2.5.1 International Association of Insurance Supervisors 31
2.5.2 The Insurance State Supervision Service of Georgia 32
2.5.3 Georgian Insurance Association 32
2.6 Non-Admitted Insurance Regulations 34
2.6.1 Overview 34
2.6.2 Intermediaries 34
2.6.3 Market practices 35
2.6.4 Fines and Penalties 35
2.7 Company Registration and Operations 36
2.7.1 Type of insurance organization 37
2.7.2 Establishing a local company 37
2.7.3 Foreign ownership 39
2.7.4 Types of license 39
2.7.5 Capital requirements 40
2.7.6 Solvency margin 40
2.7.7 Reserve requirements 43
2.7.8 Investment regulations 43
2.7.9 Statutory return requirements 44
2.7.10 Fee structure 45
2.8 Taxation 46
2.8.1 Insurance premium or policy taxation 46
2.8.2 Withholding taxes on premium paid overseas 46
2.8.3 Corporate tax 46
2.8.4 VAT 47
2.8.5 Captives 47
2.9 Legal System 48
2.9.1 Introduction 48
2.9.2 Access to court 48
2.9.3 Alternative dispute resolution (ADR) 49
3 APPENDIX 50
3.1 Methodology 50
3.2 Contact GlobalData 50
3.3 About GlobalData 51
3.4 GlobalData's Services 52
3.5 Disclaimer 53
List of Figure
List of Figures
Figure 1: Georgia - Insurance Supervision and Control at Various Levels 31
Figure 2: Georgia - Insurance Regulatory Frameworks for Company Registration and Operation 36
List of Table
List of Tables
Table 1: Insurance Industry Definitions 6
Table 2: Georgia - Insurance Regulatory Framework Key Features 8
Table 3: Georgia - Life Insurance Regulatory Framework 17
Table 4: Georgia - Property Insurance Regulatory Framework 18
Table 5: Georgia - Motor Insurance Regulatory Framework 21
Table 6: Georgia - Liability Insurance Regulatory Framework 22
Table 7: Georgia - Premium Amount for Vehicles Registered in Foreign Country 27
Table 8: Georgia - Surcharge for the Financial Year 2018 46
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