Azerbaijan, Baku / Trend corr U.Ismaylova / A new Bill on Insurance will be completed in April. Namig Khalilov, the Head of the State Insurance Supervision Board at the Ministry of Finance of Azerbaijan, informed 27 March that the bill is under ellaboration.
Khalilov noted that the training courses of the staff of the Insurance Supervision Board at the Canadian Lawrie Savage
Lawrie Savage
Khalilov consideres the first step for the development of the insurance market will be the reconsideration of the companies' authorized capital stock by 1 January, 2010 that will comprise 3mln manats and give a push for the development and expansion of the professional insurance market.
According to the Cabinet's decree back to April, 2004 the authorized capital stock of the insurance companies was to increase as follows:
500,000 manats by 1 January, 2005
600,000 manats by 1 January, 2006
700,000 manats by 1 January, 2007
1mln manats by 1 January, 2010.