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Insurance Supervision Service to Examine Companies’ Activities

Published: June 27, 2013 | 12:35 pm
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The Insurance Supervision Service is to begin examining the activities of the insurance companies. The body which has split away from the National Bank is to determine whether the companies that participated in the State Insurance Program have been using funds in an appropriate manner. The expert Levan Alapishvili states that the ISS will have regulating the market as its main task, while examining the use of funds by the insurance companies will be a job for the auditing office and law enforcement agencies. The Insurance Supervision Council member Giorgi Gigolashvili insists that the latter task also falls within the ISS’s scope of work. He states that as early as in 2011, the Control Chamber had uncovered inappropriate distribution of funds by the companies. According to Mr. Gigolashvili, for every 100 GEL provided by the State, 40-45 GEL were being spent on providing health services to the population, when the figure actually should have constituted between 70 and 80 percent of the allocated funds.

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