Azerbaijan Insurers Association to Establish Arbitration Committee
Azerbaijan, Baku Trend corr Ismayilova / The Association of Azerbaijani Insurers (ASI) plans to establish an arbitration committee to iron out the disputes among insurance companies, the chairman of ASI Supervisory Board, Kamal Ibrahimov, said during the meeting of the organization on 14 September.
"The Juridical Committee of ASI was charged to develop normative and legal basis of the new committee," he said.
Association's further plans, the new bill on insurance expected to be adopted at the Azerbaijani Parliament's autumn session were discussed at the meeting.
Establishment of the arbitration committee will promote ironing out of disputes among insurance companies without involving courts, Ibrahimov said.
According to him, at the meeting ASI decided to establish following 5 committees for development of insurance market:
- the committee on international relations in insurance and re-insurance market,
- the committee on life insurance and medical insurance,
- the committee on Non life insurance,
- the committee in improvement of professional skills of the market's workers and the companies' employees,
- the committee on ethics and juridical law.
Speaking on the budget of the Association Ibrahimov said the membership fee was not finally approved at the meeting. An advance in the sum of AZN 2,000 was defined and the sum will be increased and approved in near future.
ASI was founded on 29 December, 2006 by all 29 insurance companies operating in Azerbaijan.