BAKU, Azerbaijan, April 26
By Yusif Aghayev – Trend:
The decline in economic activity during the COVID-19 pandemic negatively affects the volume of insurance premiums collected in Azerbaijan’s insurance market, Trend reports citing the Central Bank of Azerbaijan (CBA).
On the other hand, minimizing contacts between insured and insurers leads to a restriction of access to insurance services.
Insurance companies, which have offered quarantine-affected insurers an opportunity for deferred payment of insurance premiums, will get regulatory preferences by the year end.
Accounts receivable of quarantine-affected insurance companies will be taken into account when estimating the insurance reserves and own resources until January 1, 2021. This regulatory preference applies to accounts receivable, which has appeared after March 1, 2020 and exceeded 90 days.
It is also planned to postpone scheduled field inspections of domestic insurers (with the exception of those requiring immediate response) until September 30, 2020.