BAKU, Azerbaijan, January 9. The process of digitalizing compulsory insurance has been completed in Azerbaijan, Chairman of the Azerbaijani Compulsory Insurance Bureau (ISB) Rashad Ahmadov said during panel discussions within the Azerbaijan Financial Forum themed “Achievements and Challenges," Trend reports.
Ahmadov explained that, due to the completion of the digitalization process of compulsory insurance, paper insurance certificates are no longer used.
“The concerns regarding the digital procurement of required motor insurance coverage have been resolved. Last year, 50 percent of insurance premiums were purchased online. Important steps have been taken towards the issuance of electronic certificates. Approximately 50,000 certificates were provided to insurance firms using the ISB system,” he noted.
The digitalization of compulsory real estate insurance, liability insurance, and compulsory passenger insurance against accidents was finished in 2023, Ahmadov added.
ISB was established and operates as a union of legal entities in accordance with the Civil Code of Azerbaijan and subject to requirements contained in the law "On compulsory insurance" with the purpose of protecting the interests of insured persons and third parties who suffered damage, as well as for the purpose of stabilizing and developing the compulsory insurance system and fulfilling other duties prescribed by the relevant legislation.
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