Bank Of Baku

Azerbaijan establishes Guarantee Fund of Insured Persons

Azerbaijan establishes Guarantee Fund of Insured Persons
# 29 October 2010 10:30 (UTC +04:00)
Baku. Ali Ahmedov – APA-Economics. Azerbaijan plans to employ new mechanisms on the increasing of population’s faith in insurance companies and protection of rights of insured persons. One of this is connected with establishment of Guarantee Fund of Insured Persons.

According to Namig Khalilov, director of the Finance Ministry’s State Insurance Supervision Service, this fund is an analogue of insurance fund of bank deposits for insurance sphere. The fund mainly includes the insurance companies operating on life insurance: “The insurers will pay a part of their premium to this fund and if any company looses its payment ability this fund will implement the same payments.”

Establishment of fund will make the guarantees on insurance more reliable and increase the population’s faith in insurance sphere.
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