Agricultural Insurance Fund to appear in Azerbaijan (UPDATE)
Details added (first version posted on 17:47)
Baku, Azerbaijan, May 23
Agricultural Insurance Fund will be established in Azerbaijan, Executive Director of Azerbaijan’s Financial Market Supervisory Authority (FIMSA) Ibrahim Alishev said at presentation of the bill "On Agricultural Insurance" in Baku on May 23.
Turkish model "TARSİM" for agricultural insurance was also presented at the event.
The cooperation between the public and private sectors will arouse great interest among insurance companies and producers in this sphere.
Alishev stressed that FIMSA and the created working group have reviewed international experience in agricultural insurance mechanisms in the US, Spain, Israel, Canada and Turkey, as well as "TARSİM" model, which is an agricultural insurance mechanism in Turkey.
He added that the bill will be the additional support to the development of the non-oil sector.
“The adoption of this bill will lead to an increase in business activity in this sphere,” Mirza Aliyev, head of the State Service on Management of Agricultural Projects and Credits under the country’s Ministry of Agriculture, said.
The guests and experts from Turkey, representatives of a number of state agencies, local and international organizations, with whom FIMSA cooperates, representatives of banking and insurance companies, active members of the Azerbaijani Farmers Association delivered speeches at the presentation.