Demands Toughened on Insurance Agents in Azerbaijan
Azerbaijan, Baku, 1 April / corr. Trend U. Ismayilova/ The Azerbaijani insurers wish to benefit from the experience of 'private' and 'family' insurance agents, said Sadi Semendari, the Head of Department for Development of Branch and Agent Network of MBASK insurance company.
"This is attributed to the new status of the insurance agent as a full and important member of insurance market who has an impact on the reputation of the insurance companies they represent," Semendari said.
According to Semendari, demands have not only been toughened toward the number of insurance agents, but also towards professional, educational and cultural skills.
MBASK, one of the largest insurance companies of Azerbaijan will mark the Insurance Agent Day on 4 April, a tradition existing in the company since 2005. According to company experts, Insurance Agent Day contributes not only to the rise in the number of deals and development of the insurance market, but also to the insurance premiums and the forming of rational system of insurance portfolio.
The new Law on Insurance in Azerbaijan took effect on 15 March which defines basic principles of development of the insurance system, specialized participants of market, insurers and re-insurers, as well as the rights of state insurance regulators and supervisors.
MBASK Insurance Company has been operating in the Azerbaijan insurance market since 1992. The company offers 29 types of insurance services, four of which are mandatory. The authorized capital stock of the company totals to AZN2mln. The EBRD has held 3% shares of the Company since 2005.
The correspondent can be contacted at: [email protected]