Azerbaijan improves insurance market regulation

Business Materials 10 January 2012 18:59 (UTC +04:00)

Azerbaijan, Baku, Jan. 10 / Trend A. Akhundov /

The State Insurance Supervision Service at the Azerbaijani Finance Ministry improves the mechanism of regulating the insurance market in the country, the State Insurance Supervision Service sector head Mahir Abdullayev told Trend on Tuesday.

He said that the state service prepares additional amendments to existing legislative acts.

"We regularly work to improve the existing legislation and prepare new regulatory assets," he said. "At present, we prepare additional amendments to legislative acts."

These changes will aim at more precise regulation of the insurance companies' activity, strengthening the protection of the interests of insured people, bringing the legislation into conformity with international experience, he said.

The Azerbaijani insurance market is regulated by the law on "Insurance activity", operating since March 2008.

There are 29 insurance and one reinsurance companies in Azerbaijan. The license of Fidan Sıgorta insurance company was suspended.

The total volume of premiums of all companies operating in the country amounted to 193.11 million manat (increased by 38.11 per cent per year) during 11 months of last year and payments for the period were carried out at 55.95 million manat (growth by 23.02 per cent).

The official exchange rate is 0,7863 AZN/USD on Jan. 10.