Fund for Insurance Payments Guarantee to be Established in Azerbaijan

Business Materials 9 April 2008 18:06 (UTC +04:00)

Azerbaijan, Baku, 9 April / corr. Trend U. Ismayilova/ The Fund for Insurance Payments Guarantee will be established in Azerbaijan, said Namig Khalilov, the Head of State Insurance Control under the Ministry of Finance of Azerbaijan.

"The Fund will insure the payments of insurance companies against bankruptcy," said Khalilov. The Fund will insure the insurance payments only on certain kinds of insurance. All insurance companies of Azerbaijan will be the member of Fund as it will become part of the insurance license.

The Fund for Insurance Payments Guarantee aims at providing government guarantee to insurers. The Fund protects the property interests of insurers in case of compulsory liquidation of insurance company.

The Fund fulfills the following tasks:

- The fulfillment of guarantee and compensation payments

- Attraction of obligatory and emergency fees from insurance organizations

- Investment activities in line with legislation

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