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Azerbaijani Parliament passes Insurance Bill

09 October 2007 16:23 (UTC +04:00)

Milli Majlis has today passed the Insurance Bill at the first reading. The 15-chapter bill supports principles of the International Association of Insurance Supervisors.
The bill also includes insurance secret, breach of compulsory insurance rules, expansion of reinsurance etc.
Ziyad Samadzade, Chair of parliament standing commission for economic policy, said despite the development of the insurance market of Azerbaijan, the insurance system lags behind international practice.
He added that according to the available data, the paid-in capital of insurers is AZN 53 million in total while there are 83 insurance shareholders in the country.
There are 29 insurance companies in Azerbaijan.
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.
There are 29 insurance companies in Azerbaijan. /APA- Economics/