Azerbaijan, Baku, Dec. 7 / Trend A. Akhundov /
The Azerbaijani Ministry of Finance has already submitted the draft amendments to the law on 'Compulsory types of insurance' to the presidential administration, head of the State Insurance Supervision Service under the Ministry of Finance Namig Khalilov told the media on Friday.
The bill is intended to include compulsory insurance against accidents and disease at the workplace in the list of mandatory insurances regulated by the bureau on compulsory insurance.
The law regulates four types of compulsory insurance - real estate, liability of owners of vehicles, passenger insurance and liability insurance while touching on real estate. Insurance companies have been using the law since December 16, 2011.
"Moreover, the changes involve expanding the coverage of the information system of the compulsory insurance bureau," he said. "At present, insurance policies on compulsory insurance of civil liability of vehicle owners for all four kinds is being registered."
The insurance legislation regulating the actuarial work, the use of electronic information systems by the insurance companies, rendering insurance services in electronic form and creating a legal framework for using electronic signatures is expected to be changed.
After making changes to the law on 'Insurance activity', the financial reports of companies will be confirmed by a signature of actuaries. Now the financial reports of the companies are confirmed by the signature of the companies' heads.
An actuary is a specialist in insurance mathematics who understands the actuarial theory of any required sector.
There are 28 insurance and one reinsurance company in Azerbaijan.