Azerbaijan Parliament to Adopt a New Law on Insurance Activities

Business Materials 24 December 2007 16:03 (UTC +04:00)

Azerbaijan, Baku /corr. Trend U.Ismaylova / The new Law on Insurance Activities is expected to be adopted at the session of Azerbaijan Parliament on 25 December, said Namik Khalilov, the Head of State Insurance Control Department of Azerbaijan's Ministry of Finance.


In the summer, the Azerbaijan's Ministry of Finance presented to the Parliament the draft law on insurance, which was devised on the basis of the worldwide standards. Last week, the draft law was approved by the Parliament in the second reading, but was not adopted in the third reading due to the continuation of the discussions.

According to the new law, the permanent licenses will be provided for the insurance activities in Azerbaijan. In addition, the new law liquidates the ban on the opening of the representations of the foreign insurance organizations and brokers in Azerbaijan.