BAKU, Azerbaijan, Mar. 12
By Yusif Agayev – Trend:
Changes in the legislation on compulsory insurance are expected in Azerbaijan, Executive Director of the Compulsory Insurance Bureau Rashad Ahmadov told Trend.
Ahmadov said that as part of the working group, jointly with the relevant structures, the transition of all processes related to mandatory property insurance to the electronic format has been tested since January 2020. This is done in light of the execution of instructions of the head of the Azerbaijani state on digitalization of the country's economy.
“The transition can be made after the implementation of the relevant data on real estate in the electronic system of the Compulsory Insurance Bureau. To implement this, it is necessary to amend the law on compulsory types of insurance. Therefore, for the digitalization of compulsory real estate insurance, legislative changes are necessary,” Ahmadov added.
Considering that the newly elected Parliament of Azerbaijan has started its activities, Ahmadov expects that these amendments will be one of the first ones introduced by the relevant body with the right of legislative initiative.
As Trend recently reported referring to the State Service for Property Issues under the Ministry of Economy of Azerbaijan, real estate information has been integrated into the e-government portal.
To this date, there are 22 insurance companies and one reinsurance company in Azerbaijan, of which 16 are participants of the Compulsory Insurance Bureau and, thus, are entitled to carry out the relevant types of compulsory insurance.