Azerbaijan to apply unified rules for voluntary insurance services
Azerbaijan, Baku, Dec. 17 / Trend N.Ismayilova, U.Ismayilova /
The Azerbaijani Finance Ministry's State Insurance Supervision Service plans to introduce unified rules on certain types of voluntary insurance, service head Namig Khalilov said today during a workshop on consumer rights protection in the financial sector.
"Unified rules are beneficial for consumers as well as insurance providers," he said.
According to Khalilov, if consumers will have detailed information about existing market services and products, then the demand for services will increase.
The State Insurance Supervision Service together with the Azerbaijan Insurers Association are developing unified rules for personal car insurance, he added.
Each insurance company has its own car insurance rules at the moment, which creates obstacles for insurers, Khalilov said.
He stressed that the rules will be simple and acceptable for all insurers, and said establishing an efficient educational system for insurance service users is easy.
"We intend to apply such practice for other kinds of voluntary services, such as personal property insurance," Khalilov said.
Twenty-eight insurance and one reinsurance company operate in Azerbaijan. The companies' premiums were 138.41 million manat and payments - 42.09 million manat from January to October.
On Dec. 17, the official exchange rate is 0.8032 manat to $1.