Guidelines for Establishment of an Insurance Business in Ajara Ministry of Finance and Economy of Ajara 2012
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1 Guidelines for Establishment of an Insurance Business in Ajara Ministry of Finance and Economy of Ajara 2012
2 CONTENT Founding an Insurance Business Overview of Insurance Market
3 Founding an Insurance Business Step 1: Establishment of an Insurance Company Establishment of an Insurance Company is implemented according to the rules on registration of any legal entity in Georgia The organizational-legal form of an insurance company shall be Limited Liability Company (LTD) and Joint-Stock Company (JSC) Operation, Management and Liquidation of an insurance company is regulated by rules and regulations of The National Bank of Georgia Foreigners own the same rights and obligations as Georgian citizens do
4 Founding an Insurance Business Step 2: Receiving the Insurance License License can be issued on the following activities: Life Insurance Non-Life or General Insurance Reinsurance
5 Receiving the Insurance License License for operating an insurance company is issued by the National Bank of Georgia for an indefinite period Requirements for receiving Insurance License are the following: Insurer must hold minimum 80 % cashed founding capital of: GEL for Life Insurance GEL for Non-Life Insurance GEL for Reinsurance Filled out application form The company statute
6 Receiving the Insurance License Requirements for receiving Insurance License are the following: (contd.) Original founding documents or the copies certified by the Notary; Reference by Commercial Bank upon the declared founding capital and its cashed amount; Business plan for the first year Terms according to types of insurance Tariff structure (2 copies) approved by the head of an insurance company Information about the owners As for the License for Reinsurance, companies do not need to present documents regarding tariff structure and information about the owners Application for an insurance license shall be discussed in a period of one month after its submission and insurer is obliged to use the license in a 6 month period after it is issued Fee for insurance license for any type of activity is 500 GEL
7 Overview of Insurance Market Dynamic market growth with diverse insurance companies Reforms in insurance market began from insurance companies operating on the Georgian market Most of the insurance companies own large network of agencies all over the country and offer flexible and comfortable services to its customers From 15 types of licenses reduced to 2 type of licenses for operating an insurance company Georgia - Member of the International Association of Insurance Supervisors (IAIS) from 1999
8 Types of Insurance Around 80 different types of cover is offered by Georgian insurance companies designed for both, corporate entities and private individuals, and encompassing insurance against : Property Health Motor Cargo Liability Life Personal Accident Employers Liability Business Interruption Machinery Breakdown Energy Risks Construction Risks Aviation Risks Marine Risks Civil Responsibility
9 International Partners Georgian insurance companies have shareholders not only in Georgia, but also in Great Britain with an associated companies in foreign countries and many years of experience There is a high involvement of leading Georgian banks in insurance market It is also significant to note that Georgian companies are supported by high-level and high-ranking foreign investors, such as: Vienna Insurance Group one of the largest European insurance companies, that has wide network in the CIS and European countries TBIH Financial Services Group N.V. (Netherlands) one of the largest financial companies in the Eastern Europe, which holds and manages insurance and pension companies in Bulgaria, Romania, Croatia, Slovenia, Serbia, Bosnia, Ukraine and Russia CHARTIS - a world leader in insurance, with 90 years of proven experience and customer service (from 2005 in Georgia) EBRD (European Bank for Reconstruction and Development) made an investment in Georgian insurance market in 2006
10 Statistical Data Number of Insurance Policies in Georgia ( ) Third Party Liability Credit Suretyships Financial Risks Property Cargo Marine Third Party Liability Marine Transport Means (Hull) Aviation Third Party Liability Aviation Transport Means (Hull) Railway Transport Means Motor Third Party Liability Road Transport Means Medical (Health) Personal Accident Travel Life 1, ,140 19,219 24,402 2, ,915 24,834 41, , ,680 Number of Insurance Policies 1,497,417 Direct Insurance Business Source:
11 Statistical Data Structure of Insurance Market by Types of Insurance ( )* Market Share Suretyships Financial Risks 2.01% Property Cargo 3.95% Marine Third Party Liability Marine Transport Means (Hull) 9.72% Aviation Third Party Liability 0.85% Aviation Transport Means (Hull) Railway Transport Means Motor Third Party Liability Road Transport Means 0.61% 1.68% Medical (Health) Personal Accident 0.97% Travel 7.51% Life 68.00% * According to Written Premiums Direct Insurance Business Source:
12 Statistical Data Written Premiums (2010) Insurance company Alpha LTD 9% International Insurance Company Imedi-L International JSC 22% Insurance Company "IC Group LTD 9% Insurance Company Aldagi BCI JSC 19% International Insurance Company "Irao" LTD 13% Insurance Company GPI Holding JSC 15% Direct Insurance Business Source:
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