Azerbaijan, Baku, 3 April / Trend corr. U.Ismayilova / Presence of companies with 100% foreign capital will develop the competitiveness in the insurance market in Azerbaijan, Khayal Mammadkhanli, the Deputy Director General of Az Sigorta insurance company, stated.
"Presence of foreign capital will also enable to increase types of insurance products," he added.
The new Bill came into force on 15 March. The Bill defines main directions and principles of development of insurance system, specialized participants of the market, insurers and re-insurers, as well as defines the economic grounds and right of state insurance regulator and supervisor.
According to Mamadkhanli, the Azerbaijani insurance market is not rich in field of variety of products. Foreign companies will introduce new products.
"In its turn, Azerbaijani companies will propose the same types of insurance which will lead to strong competitiveness," he said.
Az Sigorta is operating in Azerbaijan since November 2006. The company renders 28 types of insurance and three obligation insurances. The company entered into ten leading insurance companies of Azerbaijan due to the volume of premiums in amount of AZN 5mln.
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