Azerbaijani Cabinet Confirms New Insurance Rules
Azerbaijan, Baku, 7 June / corr Trend U.Ismayilova / The Azerbaijani Cabinet of Ministers confirmed form and rules of the medical insurance contract, coming out of the new law on Insurance Activities.
The new law on Insurance Activities in Azerbaijan is in force since 15 March.
In accordance with changes, hence insurance claims will be paid not through regress system, but subrogation system (transition to insurer who paid insurance claims, right to demand compensation from a person for damage to insurer).
Hence, damage to the insured person will be paid not only within a day of an insurance case, but urgently, or in shortest period.
At the decree of the Cabinet of Ministers, some changes were injected to rules on obligatory fire insurance and as a result, damage to the insurer will be paid not within 3 days, but urgently within the shortest period.
There are 28 insurance and one re-insurance company in Azerbaijan. In January to Match the companies collected AZN 50.80mln amid claims at AZN 8.45mln.
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