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Tuesday, August 16, 2022

Georgia: Finance and Budget Committee supports amendments to law on insurance, postpones hearing of 2021 Annual Report of NBG

At the sitting of the Finance and Budget Committee, the deputies supported the amendments to the Law on Insurance in the third reading. According to Nino Iobashvili, one of the initiators of the bill, no editorial changes have been made in the bill.

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Georgia: At the sitting of the Finance and Budget Committee, the deputies supported the amendments to the Law on Insurance in the third reading. According to Nino Iobashvili, one of the initiators of the bill, no editorial changes have been made in the bill.

The draft law regulates the issues related to the authority to issue legal acts for the exercise of supervisory powers of the Service, the implementation of relevant measures, the issuance of written instructions and the imposition of additional requirements.

The draft law also envisages the authority to apply the sanction by the Service in case of violation of the requirements of the Law of Georgia on Consumer Protection by the Insurer and the authority to apply the sanction by the Insurance Broker in case of violation of the requirements of the Draft Law of Georgia on Consumer Protection.


 


“The draft law on consumer rights is part of a new legislative framework, and it is important on the path to European integration, as part of the commitments under the Association Agenda,” the rapporteur said.

However, as per the sources, the hearing of the 2021 Annual Report of the National Bank of Georgia on the agenda of the Finance and Budget Committee has been postponed due to the illness of the speaker – the President of the National Bank, Koba Gvenetadze.

“We received a letter that the President of the National Bank, Koba Gvenetadze, is ill. His health condition has suddenly deteriorated, and he is unable to attend today’s meeting of the Committee; the National Bank is asking us to postpone this issue. I have decided to postpone the issue, “said Irakli Kovzanadze, the chairman of the Committee.

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