Updated Bill on Insurance to Resolve Problem of Re-insurance in Azerbaijan

Business Materials 12 February 2007 11:18 (UTC +04:00)

Mehman Aliyev, the Director General of Gunay Anadolu SД±gorta insurance company informed Trend that the updated Law on Insurance will remove limitations related to re-insurance.

The bill had considerable affect on the activities of insurance companies.

Deputy Director General of Pasha Sigorta, Nofel Rzayev, said that the new law will encourage cessation of non-professional insurance companies and generate more professionally regulated markets. The adoption of the Law on Insurance is expected in the first half of 2007.

In 2006 Insurance premiums of Gunay Anadolu SД±gorta made up 1.08mln manats, with claims amounting to 0.28mln manats.

According to the Finances Ministry, in 2006 insurance premiums of Pasha Sigorta made up 0.25mln manats, while no claims were made last year.