The Ministry of Finance of Azerbaijan has drawn up an initial wording of a new law on insurance, to replace the existing document valid since 1999.
The President of the Union of Insurers and member of the Ministry of Finance’s Coordinating Council of Insurance, Khayal Mammadkhanly told Trend that the draft law couldn’t become effective as a law earlier than 2006.
“At the same time, the Ministry of Finance is preparing a single draft law on compulsory insurance, and this document is designed to replace the nine corresponding laws,” he said. The single law is expected to promote the settlement of a series of fields of compulsory insurance, including granting private insurers access to specific categories of compulsory insurance.