Azerbaijan’s Compulsory Insurance Bureau tests integrated policy registration system

Business Materials 21 May 2013 14:13 (UTC +04:00)

Azerbaijan, Baku, May 21 / Trend A. Akhundov /

Azerbaijan's Compulsory Insurance Bureau has finalised the creation of an integrated information system for registration of all kinds of insurance policies regulated by the law on compulsory types of insurance, the Bureau told Trend on Tuesday.

According to the bureau, it is now using an information system for the registration of compulsory insurance policies only on compulsory civil liability insurance of owners of motor vehicles (CCLI). However, after the amendments to the existing law on compulsory insurance comes into force, the system will cover other types of insurance regulated by this law (real estate insurance, liability insurance for the operation of real property, personal insurance of passengers). The draft amendments are being considered by the Milli Majlis (Parliament) of Azerbaijan.

"For creation of the new system, the bureau signed a contract with Latvian company Nexum Insurance Technologies which developed the software for the system which is used today. The new system is already in the testing phase," the Bureau said.

According to the bureau, this week it will present technical documents for the subsequent integration to insurance companies for their software with the bureau's information system. Previously, IT specialists of insurance companies held a meeting at the Compulsory Insurance Bureau of Azerbaijan.

The Compulsory Insurance Bureau includes 12 companies: Pasha Sigorta, Ateshgah Sigorta, Standard Insurance, AtaSigorta, Xalq Sigorta, AXA MBASK Sigorta, AZSIGORTA, Alfa Sigorta, State-owned commercial insurance company 'Azersigorta', Mega Sigorta, İpek Yolu Sigorta and Azerbaijan Senaye Sigorta.