One more professional participant registered in Azerbaijan's insurance market

Economy Materials 5 June 2020 18:49 (UTC +04:00)
One more professional participant registered in Azerbaijan's insurance market

BAKU, Azerbaijan, June 5

By Yusif Aghayev - Trend:

One more professional participant in the insurance market has been registered in Azerbaijan, Trend reports citing the State Tax Service under the Ministry of Economy.

The ministry said that this is the Status Sığorta Brokeri LLC brokerage organization.

According to the information, the legal representative of the brokerage organization is Oksana Marinchenko.

An insurance broker is a legal entity or an individual representing a policyholder in an insurance contract, taking a neutral and independent position when choosing an insurer, providing consulting services and preparatory work when concluding an insurance contract, and, if necessary, providing the necessary assistance in the execution of this contract.

To carry out activities in Azerbaijan, brokerage organizations must, in the manner prescribed by law, obtain a special permit (license) from the country's present insurance market regulator, namely, the Central Bank.

Oksana Marinchenko has a long experience in the insurance market of Azerbaijan. She worked in many large insurance companies, such as Standard Insurance OJSC, Azsigorta OJSC and others.

In accordance with the Law of Azerbaijan on Insurance Activities, besides the insurers, other legal and physical persons carrying out auxiliary activities in the insurance industry including experts, actuaries, agents, and brokers, are also the participants of the insurance market.

According to the information posted on the official website of the Central Bank, currently, 12 brokerage companies and 13 individual brokers are registered in Azerbaijan.

Presently, 21 insurance companies and one reinsurance company operate in Azerbaijan.