Irakli Lekvinadze, Chairman of the Georgian Competition and Consumer Agency (GCCA), delivered a keynote address at the closing event of Insurance Week, event commemorating Insurance Day on May 2.
“ Under Georgia’s current legislative framework, the Georgian Competition and Consumer Agency is mandated to oversee competition in the insurance sector, while the protection of consumer rights in this domain falls under the authority of the Insurance State Supervision Service of Georgia.
In recent years, close and proactive cooperation between the two authorities has resulted in the implementation of several significant market monitoring initiatives and investigations. In particular, issues concerning the alignment of market concentrations with the principles of fair competition have been thoroughly examined. Notable assessments have been conducted in the areas of motor insurance, bank/insurance guarantees, and the insurance of banking products. Furthermore, in collaboration with our counterpart institutions, we have jointly established two key platforms: the International Conference on Competition and Consumer Protection, which will convene for the fourth time this year, and Consumer Protection Week, organized in conjunction with World Consumer Rights Day, which has been held on three occasions to raise public awareness and promote consumer rights. It is also noteworthy that last year, the Government of Georgia approved the country’s first National Strategy for Consumer Rights Protection, which establishes a coordinated framework for the joint efforts of six regulatory bodies for the period 2024–2027 and sets out concrete measures to address the sector’s key challenges.
The Insurance State Supervision Service plays a critical role in ensuring the stability and sustainability of the insurance sector, while also actively promoting the importance of insurance and contributing to the development of an insurance culture in Georgia. Cooperation with the supervisory authority is of strategic importance to the GCCA. I extend my sincere appreciation to the sector for its continued collaboration. Congratulations on Insurance Day—I wish you success and growth in all your endeavors”- stated Chairman Lekvinadze.
Insurance Day is traditionally marked in Georgia on May 2. The event featured addresses by several high-ranking officials, including David Onoprishvili Chairman of the Insurance State Supervision Service of Georgia; David Songhulashvili, Minister of Environmental Protection and Agriculture of Georgia; Mikheil Sarjveladze, Minister of Internally Displaced Persons from the Occupied Territories, Labour, Health and Social Affairs; Shota Berekashvili, Chair of the Sectoral Economy and Economic Policy Committee of the Parliament of Georgia; and Natia Turnava, President of the National Bank of Georgia.
