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Common rules on voluntary insurance services in Azerbaijan to positively affect quality: market participant

Business Materials 22 December 2009 11:26 (UTC +04:00)

Azerbaijan, Baku, Dec. 22 / Trend U. Ismayilova /

Common rules for voluntary insurance services will improve their quality, Xalq Sigorta insurance company Deputy Chairman Akbar Taheri said.

Azergarant insurance company Deputy Chairman Shukurov Huseynov said common rules will increase confidence, as well as the number of consumers appealing to the insurance market.

Huseynov said introducing common rules will lead to a more transparent policy, as the Azerbaijani Association of Insurers and the State Insurance Supervision Service will have information about the continuing progress of all companies on the market.

"The introduction of common rules will also lead to the effective protection of consumer rights in insurance," Huseynov said.

State Insurance Supervision Department head Namig Khalilov also spoke about plans to introduce common rules for certain kinds of voluntary insurance.

"The introduction of common rules is beneficial not only for consumers, but also for insurance service providers," Khalilov said.

He added that if consumers have more information about market services and products, the demand for these services will increase.

The State Insurance Supervision Department together with the Azerbaijani Association of Insurers is developing common motor insurance rules for physical persons. Each insurance company has its own motor insurance rules at the moment, which creates difficulties for insurers.

Common form rules are simple and accessible to all insurers. An effective educational system can be established among insurance service users by using these rules, Khalilov said.

"In the future we plan to use the same practice with other kinds of voluntary insurance, primarily property insurance for physical persons," Khalilov said.

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