Azerbaijan creates information system to use e-signature to conclude insurance contracts

Business Materials 8 July 2011 20:42 (UTC +04:00)

Azerbaijan, Baku, July 8 /Trend, A.Akhundov/

The State Insurance Supervision Service of the Finance Ministry of Azerbaijan is developing an information system that will be applied when using an electronic signature to conclude insurance contracts and provide new electronic services by insurance companies, the head of the State Service Namik Khalilov told reporters on Friday.

"Our legislation does not include modern methods of conclusion of insurance contracts. Therefore, there is a need to amend it accordingly," he said.

For example, Lithuania has already begun to enter into insurance contracts via SMS-messages, and in the world there is a practice not to use papers to conclude a contract, and everything is done electronically.
"We also now develop an information system that will operate in this mode. We will have an additional module that will create conditions for listing of all insurance policies concluded," Khalilov said.

He said after Azerbaijan makes these changes, and everybody will get used to the new rules, then after a couple of years, there will no need for papers to sign contracts.
"For example, today the traffic police is equipped with new technical means and in the future police officers, sitting in the car, will be able to check whether the vehicle has been insured," Khalilov said.