Moratorium on Financial Penalties for Insurance Firms

What changes will the announcement of a financial moratorium have for the insurance companies? A decision has been made by the Health Ministry to free all private insurance firms from having to pay financial penalties for failing to fulfil their obligations with regards to the infrastructure projects. The president of the Insurance Institute Girogi Gigolashvili has stated that the financial moratorium points towards the State’s willingness to tackle the problems that exist in the sector. According to him, being freed from financial sanctions will revitalise the insurance market.
The Health Ministry is planning to put the moratorium on financial sanctions for private insurance firms in place from 1 September.