BAKU, Azerbaijan, April 23
By Yusif Aghayev - Trend:
The State Insurance Service public legal entity was established in Azerbaijan’s Nakhchivan Autonomous Republic in accordance with corresponding decree signed by the Chairman of the of the Republic's Supreme Assembly Vasif Talibov, Trend reports.
According to the report, the Service was created on the basis of the State Insurance Agency of Nakhchivan.
The Service will carry out insurance activities in both compulsory and voluntary insurance sectors, as well as reinsurance operations in the insurance market of Nakhchivan. In its activities, the Service will be guided by the Constitution, as well as laws and by-laws of Azerbaijan and Nakhchivan AR, decisions and resolutions of the Cabinet of Ministers, the Charter and other regulatory legal acts.
The State Insurance Service will carry out its activities interacting with state structures and bodies of local self-government, as well as with non-governmental organizations registered in the republic, legal entities and individuals.
Presently, 22 insurance companies and one reinsurance company operate in Azerbaijan.