Bourse

Home page

Bourse

Insurance bill recommended to Parliament of Azerbaijan

18 September 2007 13:15 (UTC +04:00)

The Finance Ministry officer for insurance controls Namig Khalilov said the 15-chapter bill supports principles of the International Association of Insurance Supervisors.
He added that the bill has also been translated into English for a review of the international experts.
He said the new bill also includes insurance secret, breach of compulsory insurance rules, expansion of reinsurance etc.
The contribution of insurance premiums to Gross Domestic Product (GDP) was 0.35% in 2000 and 0.51% in 2006.
â€œDespite the development of the insurance market of Azerbaijan, the insurance system lags behind international practice. According to the available data, the paid-in capital of insurers is AZN 52.7 million in total. The total amount of premiums was AZN 42 million in 2002, AZN 66 million in 2004 and AZN 90 million in 2006. Also, premiums came 92% from voluntary and 8% from compulsory insurance services. The total payment for insurance claims was AZN 42 million in 2006, which accounted for 50% of the premiums,â€ he noted.
The commission recommended the bill to Milli Majlis.
There are 29 insurance companies in Azerbaijan. /APA- Economics/