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Activity of insurance intermediaries in Azerbaijan may completely change

Business Materials 13 August 2018 19:39 (UTC +04:00)

Baku, Azerbaijan, Aug. 13

By Anvar Mammadov – Trend

Activity of insurance intermediaries in Azerbaijan may completely change, Khayal Mammadkhanli, Chairman of the Committee for Insurance Intermediaries of the Azerbaijan Insurers Association (AIA), told Trend Aug. 13.

He said that presently the AIA is working hard to reform the insurance market, in particular, to optimize the work of insurance intermediaries.

“As the Committee for Insurance Intermediaries, we have prepared a number of proposals that will significantly improve the professionalism of insurance intermediaries,” he said. “Unfortunately, I cannot say anything concrete now, but the proposals have already been submitted to the management of the AIA, which will come up with an initiative on changes in legislation by autumn. If our proposals are accepted, the activity of insurance intermediaries in Azerbaijan may completely change.”

Earlier, Mammadkhanli said the development of the market of insurance intermediaries will greatly facilitate the work of insurance companies.

“In most countries, intermediaries don’t just enter into insurance contracts, they also carry out inspection of insurance subjects, they are engaged in the assessment of damage in insured events and also deal with examinations,” he said. “That is, the insurance market works through intermediaries. But we don’t have such a practice yet. If the market of intermediaries is developed properly, it will reduce the costs of insurance companies and allow them focus on their direct functions.”

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