InsurTech Compliance is a rapidly growing field that combines insurance law and digital technologies. With the digitalization of the insurance sector in Georgia, companies face a challenge: how to sell policies online, implement automated claims adjustment, and use artificial intelligence without violating strict regulations. InsurTech startups and traditional insurance companies must comply with the requirements of the Insurance State Supervision Service of Georgia, as well as data protection and cybersecurity standards. Legal.ge offers access to innovative lawyers who will help you ensure the legal soundness of your technological products.
What does the InsurTech Compliance service cover?
Specialists on Legal.ge assist companies in legalizing digital insurance products in the following areas:
- Legalization of online sales: Ensuring the legal validity of the electronic policy issuance process, digital signature validity, and compliance with remote transaction rules.
- Data processing and AI: Legal assessment of the use of algorithms in risk analysis (underwriting) to prevent consumer discrimination and protect personal data.
- Relations with the regulator: Communication with the Insurance State Supervision Service of Georgia, agreeing on new digital products, and fulfilling reporting obligations.
- Remote claims adjustment: Drafting transparent and legal procedures for claims reimbursement via mobile applications.
- Partnerships and API integration: Agreements with third parties (banks, online stores) that sell insurance via embedded methods.
- User Identification: Compliance of remote identification methods with anti-money laundering legislation.
Common scenarios and needs
InsurTech companies often face the following problems:
- Policy validity disputes: When a user claims they did not read the terms of a policy purchased online, and the company needs proof that the digital consent (checkbox) was valid.
- Data breaches: Liability issues in case of a cyberattack and the obligation to inform the supervisory authority.
- Automated claims denial: When an algorithm automatically denies a claim reimbursement, leading to a legal dispute regarding the justification of the decision.
- Foreign platforms: Entry of a foreign InsurTech platform into Georgia and adaptation to local insurance licensing requirements.
Georgian Legal Framework
Regulation of the InsurTech sphere is based on the following acts:
- Law of Georgia on Insurance: Establishes general principles of insurance activities, licensing rules, and insurer obligations.
- Civil Code of Georgia (Insurance Chapter): Regulates the content and form of the insurance contract.
- Law of Georgia on Electronic Documents and Electronic Trust Services: Grants legal force to electronic signatures and digital documents.
- Law of Georgia on Personal Data Protection: Particularly important when processing health insurance data.
Service Process Step-by-Step
Working with a specialist via Legal.ge involves:
- Product Legal Design: Auditing the UX/UI process of the app or website to ensure the obligation to inform the user is met.
- Documentation Preparation: Drafting electronic policy templates and terms.
- Risk Assessment: Analyzing risks regarding data protection and IT security.
- Consultation with the Regulator: If necessary, conducting preliminary consultations with the Insurance Supervision Service on the admissibility of an innovative product.
Why Legal.ge?
InsurTech is a new and specific field where traditional lawyers often lack the necessary technological knowledge. Legal.ge allows you to find specialists who understand both insurance law and technological regulations. We will help ensure your digital innovation is not only attractive to the user but also fully protected by law. Choose professionals on Legal.ge.
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