Azerbaijani Parliament Agrees to Discuss Bill on Insurance
Azerbaijan, Baku / Trend corr. U.Ismaylova / The parliamentary commission on economic policy gave the agreement on 18 September to discuss the bill on insurance during the autumn session of the Milli Majlis (Azerbaijani Parliament), MP Ali Masimov, a member of the parliamentary commission on economic policy, said.
The current bill on insurance was adopted in 1997. Namik Khalilov, the head of the State Insurance Supervision, said that the present bill did not correspond to modern standards and the new one was developed on the basis of international standards.
Attending the meeting was representatives of insurance companies, the National Bank, as well as the head of the State Insurance Supervision.
In compliance with the old bill the authorized capital of insurance companies should make up AZN 700,000, and AZN 1mln in compliance with the new bill.
Twenty-nine insurance companies operate in Azerbaijan.