Azerbaijani insurance agents to pass mandatory certification

Business Materials 11 December 2013 20:41 (UTC +04:00)

Baku, Azerbaijan, Dec. 11

By Emin Aliyev - Trend:

Insurance agents in Azerbaijan will pass mandatory certification, head of Licensing, Application and Complaint Department of the State Insurance Supervision Service under the Ministry of Finance of Azerbaijan, Mahir Abdullayev said on Dec. 11.

He made the remarks at the II National Forum of Insurance Agents held in Baku.

"Corresponding changes to the law on insurance activity will come into force in the near future. Certification will be conducted every three years starting from the day of issuance of a license to the agent," Abdullayev said.

He added that the certification is essential for insurance agents to have necessary knowledge on latest changes in profile legislation and required qualification.

Abdullayev also said this does not mean that the term of a license, issued to insurers, will be limited.

"Some time ago, some media outlets made the wrong conclusions from the planned changes to the law. The license is issued and will be available indefinitely," the head of the department said.

Abdullayev also highlighted the fact that the insurance agents will be able to work for multiple insurers, if the agreement between the parties does not contradict this.

Baku hosts the II National Forum of Insurance Agents. The forum was attended by more than 200 representatives from insurance companies, government agencies and experts. The forum participants will discuss the problems of Azerbaijan's insurance market, as well as the prospects for its development.

Translated by E.A.
Edited by C.N.