Mandatory Insurance Legislation

TV3 has found out that Insurance Supervision Service is working on a legislation regarding mandatory insurance in order to revitalise the insurance market in the country. Lasha Nikoladze of the ISS has stated that since the State is already operating the Universal Healthcare programme, which does not require participation from the companies, mandatory health insurance is currently not being discussed. Instead, the issue concerns mandatory third-party car insurance. The legislation will be sent to the Parliament for approval following the presidential elections.
The head of the Insurance Institute Giorgi Gigolashvili has predicted a revitalisation of the insurance market once the mandatory insurance legislation comes into force. According to him, the project will bring more money and more jobs into the insurance sector. Mandatory insurance is a global phenomenon, and has been a policy in the developed countries for over a century, Mr. Gigolashvili has added.