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Research and Markets: Governance, Risk and Compliance - The Georgian Insurance Industry

[July 01, 2015]

Research and Markets: Governance, Risk and Compliance - The Georgian Insurance Industry

Research and Markets (http://www.researchandmarkets.com/research/lk5b3x/governance_risk) has announced the addition of the "Governance, Risk and Compliance - The Georgian Insurance Industry" report to their offering.

'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 research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatoryframework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Key Highlights

- 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.

Key Topics Covered:

1 Introduction

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

2.4 Compulsory Insurance

2.5 Supervision and Control

2.6 Non-Admitted Insurance Regulations

2.7 Company Registration and Operations

2.8 Taxation

2.9 Legal System