Mr. David Onoprishvili, Chairman of the Insurance State Supervision Service of Georgia, hosted Mr. Peter Braumüller in Tbilisi - managing Director of the Austrian Financial Market Authority (FMA) in the field of insurance and pension supervision, within the framework of the high-level bilateral meeting. Official information regarding this event is disseminated by the Insurance State Supervision Service of Georgia. The parties shared their countries’ experience on each topic of the agenda. Mr. David Onoprishvili discussed the challenges, achievements and future plans within the insurance sector.

Mr. Peter Braumüller, in his capacity, presented to the Service representatives insights concerning the existing standards and best practices within the European Union concerning the regulatory framework of Solvency II, Climate Risk and Sustainability in the Insurance Sector, emerging trends and challenges regarding digitalisation. The parties discussed issues concerning enhancement of future cooperation as well.

The insights exchanged during the meeting will significantly assist the Insurance State Supervision Service of Georgia for further development and alignment with the EU standards, which is especially relevant in terms of the transition to a new phase of relationship with the European Union considering candidate status granted to Georgia.