Insurance mediation organization registered in Azerbaijan
BAKU, Azerbaijan, Feb. 14
By Yusif Aghayev – Trend:
The Insurance Disputes Mediation Center LLC was registered at the Azerbaijani Ministry of Taxes, Trend reports.
The legal representative of the company is expert in the field of insurance Tural Shukurov.
Such situations when disputes arise between participants in the insurance market that require prompt and fair settlement of disputes occur very often in the insurance practice.
An appeal to the court or to the appropriate body fulfilling the functions of the regulator of the insurance market is the most common way for the parties to resolve disputes.
Insurance mediation is an out-of-court way of resolving disputes between insurance entities - the insurer, policyholder or beneficiary with the help of a reputable independent intermediary (mediator).
The mediator is the main figure in the negotiation process, the final result of the dispute settlement depends on his/her authority, ability, skills and tact. The mediator not only has legal knowledge and experience, but also a responsibility towards the sides of dispute.
The benefits of using mediation over litigation are that litigation today is excessively formalized, long and often ineffective. The mediation is beneficial for its efficiency, confidentiality, informality, constructiveness and predictability of the decision. Among these advantages, of course, confidentiality is the most important for participants in the insurance contract.
In general, the Azerbaijani insurance companies collected insurance premiums worth 681.2 million manat ($400.7 million) in 2019, which is 46.8 million manat ($27.5 million) or 6.4 percent less than in 2018.
Today, 22 insurance companies and one reinsurance companies operate in Azerbaijan.
(1 USD = 1.7 AZN on Feb. 14)