Azerbaijan improves legislation for international transportation insurance
Azerbaijan, Baku, Oct. 14 / Trend, A. Akhundov /
Azerbaijan created a legal framework which will allow foreign insurers to take risks related to international sea and air transportation of commercial nature. They include risks relating to spaceflight, transportation and units including satellites.
This envisages a bill on changes to the law on insurance activity to be considered at the plenary session of the Azerbaijani Parliament. It was recommended on Monday by a parliamentary committee for economic policy.
"For example, the carrier of the Azerbaijani satellite was made in one country," head of the State Insurance Supervision Service under the Ministry of Finance Namiq Khalilov said. "It was assembled in a second country but launched from a third country. All these items were insured abroad. There are also Azerbaijan vessels, which do not appear in the Caspian Sea. This change was made for such cases."
The change was made as a sub-item for the point of law.