Azerbaijan, Baku, July 4 / Trend A. Akhundov /
There are significant opportunities developing the Azerbaijani agricultural insurance market in the medium term prospect, Azerbaijani Deputy Finance Minister Azer Bayramov said at the Azerbaijan International Insurance Forum AIIF-2012 today.
Moreover, one of the priorities of the country's insurance market in the medium term prospect is to connect to the international system of civil liability insurance of vehicle owners "Green Card".
"The results of automating the process of concluding insurance policies on compulsory insurance of liability of vehicle owners show that we will soon be able to join Green card system," Bayramov said.
He said that besides the compulsory insurance of civil liability of vehicle owners, the ministry intends in the near future to automate concluding the contracts for the remaining three types, controlled by the new law on "Mandatory types of insurance" - the compulsory insurance of real estate, mandatory liability insurance while exploiting real property and compulsory insurance of passengers.
"The proposals have been prepared and submitted to the government to amend the legislation. The proposals concerning the use of an electronic signature while concluding the insurance contracts have been submitted to the government."
He added that the operations have been launched to change legislation in life insurance.
"Moreover, It is planned to adopt legal documents to develop insurance in the construction sector," he stressed. "These documents relate to the legislation regulating the insurance and building markets."
The total volume of premiums collected by 28 insurance companies as of January-May 2012 amounted to 144.703 million manat, payments were made to the amount of 32.944 million manats, and without life insurance - 124.076 million manat and 32.52 million manat, respectively.
Today, three companies in Azerbaijan have the right to engage in life insurance - Pasa Heyat, Atesgah Heyat and Qala Heyat. About 12 companies have licenses to operate in compulsory kinds of insurance.
The official exchange rate is 0,7856 AZN/USD on July 4.