BAKU, Azerbaijan, March 17
By Yusif Agayev – Trend:
The information system of agricultural insurance being created in Azerbaijan will become the basis for the successful, effective introduction of the new mechanism in this sector, Chairman of the board of the Azerbaijan Agricultural Insurance Fund Fuad Sadikhov told Trend.
“The process of institutional development is being completed, as well as the formation of a regulatory legal framework as part of the application of the new mechanism of agricultural insurance in Azerbaijan. Within the framework of the mechanism, the adoption of the necessary regulatory legal acts is expected in the near future. The acts will fully form the legislative framework, which allows launching of the new mechanism. The main role in this process is given to the information system of the agricultural insurance, the adoption of the regulation on which is planned in the first place,” the chairman said.
“This system is a single electronic platform, within which all participants involved in this process such as insurers, customers, independent experts, government agencies, the Ministry of Agriculture, the Ministry of Finance and other structures will be united. In this platform, all information related to the conclusion of insurance contracts, their termination, prolongation, etc. will be collected. Moreover, this system will contain all information about insurance cases that have occurred, the activities of independent experts in their investigation, taking into account loss ratio and other necessary information,” Sadikhov said.
According to the fund’s chairman, such a system will be applied for the first time in Azerbaijan, so the process of its implementation will require time.
“At the first stage, before the end of 2020, it is planned to launch the main insurance modules, farmers will be offered 14 modules for agricultural insurance, which will provide insurance coverage for 85 percent of agricultural plants grown in Azerbaijan, one for cattle insurance and one for insurance aquaculture. Further, the system will periodically develop, and the entire development period is planned to be completed within 30 - 36 months,” Sadikhov noted.