Finance Ministry examines effectiveness of applying mandatory insurance

Business Materials 12 May 2006 19:38 (UTC +04:00)

Main Department of Insurance Control of the Ministry of Finance is conducting monitoring of comprehension of insurance companies mandatory types of insurance, Azer Bayramov, the Deputy Minister of Finance informed Trend.

В"I instructed to conduct monitoring in order to examine how the companies use mandatory types of insurance. Before talking about new fields, we have to learn the efficiency of those already stipulated by legislation, said Bayramov


Today in insurance market more attention is paid to quality than to quantity, according to Bayramov. At the same time, the Law On Mandatory Types of Insurance is being worked on, and half of work has been completed. Due to reforms in health system, probably, the question of mandatory medical insurance in a new form will also rise, informed the Deputy Minister.

The Ministry is planning to apply a new Bill On Mandatory Types of Insurance in 2007 to improve procedures concerning 9 types of mandatory insurance. Although, even in 2006 the Ministry of Finance expects great changes in development of insurance market.