The World Bank (WB) has presented to Azerbaijan a follow-up on the law regulating the insurance activities. Avaz Bayramov, the Deputy Finance Minister, said that the WB had submitted its principle agreement on delivery of assistance in this sphere.
"We faced with technical problems as the European Bank for Reconstruction and Development (EBRD) and the WB were simultaneously involved in the issue. As far as we know, WB has taken a final resolution to cooperate with Azerbaijan in the insurance activities. In this case the EBRD will offer cooperation in other spheres, as much work is to be done in this field. The most urgent is the improvement of the legislation, as it is difficult to develop the system in whole in absence of a normal legislation," Bayramov stressed.
According to the Deputy Minister, the new bill on instance activities is the finale stage of development. "WB specialists, who presented a follow-up on the bill, will arrive in Baku in September to discuss with the Azerbaijani side their proposals and opinions,” Bayramov underlined.