Operating within Georgia's sophisticated insurance market requires a profound understanding of its comprehensive legal framework, designed to ensure financial stability and protect policyholders. Our firm delivers specialized legal counsel to insurers, reinsurers, brokers, and intermediaries seeking to navigate this regulated environment successfully. We provide end-to-end support, from securing an operating license to managing ongoing compliance, ensuring every facet of your business aligns perfectly with the stringent requirements of Georgian law and the directives of its chief regulator.
The cornerstone of the regulatory landscape is the Law of Georgia on Insurance, which sets forth the core principles for all insurance activities. This primary legislation is dynamically supplemented by the rules and orders of the LEPL Insurance State Supervision Service of Georgia, the independent authority tasked with overseeing the entire industry. This body is responsible for granting licenses, continuously monitoring the solvency and capital adequacy of insurers, and enforcing consumer protection standards. Our legal team offers deep expertise in these regulations, providing clients with the strategic foresight needed to maintain impeccable compliance.
Entry into the Georgian insurance market is a meticulous process that begins with obtaining a license from the Insurance State Supervision Service. The law mandates that an insurer must be structured as a Joint Stock Company and meet specific minimum capital requirements, which serve as a financial safeguard. The application process is rigorous, requiring submission of a detailed business plan, proof of adequate capital, and thorough background checks on key executives and shareholders. We expertly manage this entire application lifecycle, from compiling the dossier to acting as your representative in all communications with the regulator, streamlining your path to market entry.
Beyond initial licensing, maintaining continuous compliance is a critical operational imperative. Insurers in Georgia are subject to ongoing supervision, which includes stringent reporting requirements, regular financial audits, and adherence to specific rules on reserves and investments to guarantee their ability to meet policyholder claims. Our services include developing robust internal compliance programs, reviewing policy wordings and distribution agreements to ensure they meet legal standards, and advising on advertising and fair practice regulations. We help you build a culture of compliance that stands up to regulatory scrutiny and protects your business from potential sanctions.
In the complex environment of insurance regulation, disputes and enforcement actions can arise. Having expert legal representation is vital in these situations. We represent our clients in all proceedings before the Insurance State Supervision Service of Georgia, from responding to regulatory inquiries and consumer complaints to negotiating settlements and defending against enforcement actions. Our goal is to resolve matters efficiently and discreetly, safeguarding our clients' operational licenses, financial interests, and professional reputations within the Georgian market.
Updated: ...