State service: Credit insurance is a promising direction in Azerbaijan

Business Materials 11 December 2013 16:54 (UTC +04:00)

Baku, Azerbaijan, Dec. 11

By Emin Aliyev - Trend:

Credit insurance is a promising direction of the sector's market development, head of the State Insurance Supervision Service under the Azerbaijani Ministry of Finance Namiq Khalilov told journalists on Wednesday.

"Rendering insurance services on credit is the result of joint work between insurance companies and commercial banks," he said. "Lending is being developed. Of course, it begins to affect the insurance market. Some companies have already begun moving in this direction which I think is quite promising."

"The development of insurance creates a need to develop control over agent activity.

"Around 800 licenses for agent activity have been issued," he said. "However not all of them are active. The situation will be clearer after applying the principle of regular reporting of insurance agents envisaged in the amendments to the law on 'Insurance activity' adopted by parliament. We will have more accurate information about the number of actual working agents and the preferred types of insurance, which is a positive factor."

Translated by NH

Edited by SM