Azerbaijan, Baku, Feb.27 /Trend A.Akhundov/
Azerbaijani Finance Ministry is preparing a proposal to amend the insurance laws of the country, the State Service of Insurance Supervision at the Ministry told Trend on Monday.
"The President issued a decree in 2011 according to which the Ministry of Finance was charged to prepare proposals to amend the law" the ministry said.
Particularly, these changes are associated with the improvement and development of the actuarial and insurance intermediary activity.
"Changes also apply to improvements of corporate governance standards envisaged in the law in insurance companies, ensuring of electronic information systems use in insurance companies, provision of insurance services in electronic form, creating of legal base for electronic signatures use in the insurance legislation," the civil service said.
The draft proposal is being prepared and is coordinated with the relevant government agencies.
"We can't talk about the details until the document will be submitted to the Parliament as a formal bill. It is expected that proposals will be submitted to parliament this year" the civil service said.
There are 29 insurance and one reinsurance companies in Azerbaijan. Fidan Sıgorta insurance company's license was suspended.