Azerbaijan to introduce minimum requirements for insurers’ electronic info systems

Business Materials 29 April 2014 14:24 (UTC +04:00)

Baku, Azerbaijan, April 29

By Emin Aliyev - Trend:

Minimum requirements for the websites of insurance companies will enter into force in Azerbaijan on July 1, 2014.

The corresponding decision of the country's Finance Ministry was published in Azerbaijani State Registry of Legal Acts.

In addition to the general information about the management, offered products and contact information, the insurers will be required to place a separate file with a searchable text consisting of the rules for rendering their services. Additionally, the website should consist of a space to allow reception of applications about insured events, and informational sections that contain the answers to specific questions on each insurance product.

Moreover, the insurers will be required to place a separate section on their official pages for receiving complaints about the activities of the company or any of its employees. This block must contain information about the complaint procedure, contact number and e-mail address of the employee responsible for this, as well as the electronic form of submitting such complaints with automatic notification about the receipt of the application.

At the same time, the Ministry of Finance has approved the minimum requirements for insurers' information systems and has defined the criteria, the information about which must be registered in these systems. These requirements will inter into force from January 1, 2015.

Some 29 insurance and one re-insurance company operate in Azerbaijan.

Translated by L.Z.

Edited by C.N.