Azerbaijan takes actions to remove negative consequences while concluding insurance agreements: State Insurance Supervision Service

Business Materials 17 December 2009 18:49 (UTC +04:00)

Azerbaijan, Baku, Dec. 17 / Trend N. Ismayilova, U. Ismayilova /

The Azerbaijani Finance Ministry's State Insurance Supervision Service is holding a campaign to increase the literacy rate among the general public to avoid misunderstandings when signing insurance contracts. The consumer protection workshop was held today at the ministry.

"Consumer protection in the insurance sector is implemented in three directions in Azerbaijan, including ensuring the financial stability and solvency of insurers, complying with the terms of insurance contracts, and increasing people's knowledge of insurance," Khalilov said.

He added that people who know little about insurance services face a hard time when signing contracts.

About 28 insurance and one reinsurance companies operate in Azerbaijan. Premiums for January to October amounted to 138.41 million manat and payments 42.09 million manat.

On Dec. 17, the official exchange rate is 0.8032 manat to $1.

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