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Sectors: Economy - Finances, Public Management

Beneficiaries: Administrations States

Regions: Asia

Category: Call for proposals

References:

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WE Funding – ENI – Support…
Funds for: Supporting fulfillment of the commitments of Georgia in the context of EU-Georgia Association Agreement (AA) 
Main beneficiaries: Insurance State Supervision Service of Georgia (ISSSG)

Responsible: European commission

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Funds for: Supporting fulfillment of the commitments of Georgia in the context of EU-Georgia Association Agreement (AA) 
Main beneficiaries: Insurance State Supervision Service of Georgia (ISSSG)

Priorities and funded actions:

Objective
* To support fulfillment of the commitments of Georgia in the context of EU-Georgia Association Agreement (AA) which will lead to further improvement of efficiency, accountability and safety of the financial sector

Priorities
* To strengthen the institutional and human resource capacity of the Insurance State Supervision Service of Georgia (ISSSG);
* To align the relevant legal framework together with the ISSSG’s functions and operations with the EU regulations in terms of Solvency II standards

Among financed activities
* Enhance transparency in insurance business;
* Assist the integration of Georgia into the European and global economies;
* Align the normative and legal framework in the area of insurance sector, especially in company’s solvency standards;
* Strengthen the stability and competitiveness of insurance sector and mitigate the risk of crisis due to insolvency;
* Transfer financial stability of companies to modern standards through capital adequacy, assessment criteria, asset and liability criteria, technical provisions and investme

Additional information
* This call for proposals is an open call for proposals

* Initial duration of the action: 21 months

* Eligibility:
– Beneficiary administration: : LEPL Insurance State Supervision Service of Georgia (ISSSG)