Insurance Ombudsman Institute to be Established in Azerbaijan

Business Materials 14 July 2008 13:19 (UTC +04:00)

Azerbaijan, Baku, 14 July / corr. Trend U.Ismayilova / The Insurance Ombudsman Institute will be established to render free service on protection of insured rights in Azerbaijan, Namig Khalilov, the head of the Azerbaijani Finance Ministry's Insurance Supervision Department, said.

According to Khalilov, the decision on establishment of this institute, which will be a state organization, has been taken to solve effectively disputable issues between insurers and insured, as well as, to create trust and transparence at the Azerbaijani insurance market.

Khalilov did not mention exact dates of establishment of the institute, whilst said that it was included in the list of the most important plans.

Insurance ombudsman is an individual, who realizes settlement of interrelations between insurance organizations and insured without reaching to judicial examination. For example, ombudsman bureau is one of instruments of self-regulation of insurance market in the United Kingdom.

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