Azerbaijan determines terms to apply unified rules of auto-insurance
Azerbaijan, Baku, Aug. 6 / corr Trend U.Ismayilova /
Unified rules of auto-insurance of individuals will be applied in Azerbaijan from autumn, Namik Khalilov, head of the State Insurance Control Service at the Azerbaijani Finance Ministry, said Friday.
"The rules are being considered at the Azerbaijani Justice Ministry and are expected to get approval late this month [August]," Khalilov added.
Local insurers are not prepared to apply new rules and in this connection adapting specialists to application of new rules will take definite time. The State Insurance Control intends to hold jointly with the Association of Insurers some measures to inform insurers of new rules thoroughly.
"Full application of unified rules of automobile insurance for individuals is expected beginning from autumn," Khalilov said.
The Azerbaijani Finance Ministry plans to apply unified rules on different types of voluntary types of insurance.
"The new rules will benefit both consumers and suppliers of insurance services," Khalilov said earlier.
According to Khalilov, consumers' awareness of commodity and services exiting in the market increases demand for them. First of all, the State Insurance Control jointly with the Association of Insurers is developing unified rules of auto-insurance for individuals. From now on each insurance company will have its own rules for auto-insurance, which put definite obstacles for insurers.
"In future we plan to apply this practice to other types of voluntary insurance, particularly insurance of individuals' property," Khalilov.
In the first half of 2010, 28 insurance companies active in the country collected premiums in amount of 76.88 million manat, which is 3.8 percent more compared with the same period of last year. But the payments for the reported period declined by 8.8 percent to 22.5 million manat.
Official rate on Aug. 6 was 0.8034 AZN/USD.