Azerbaijan, Baku / corr. Trend U.Ismaylova / The Deputy Director of Insurance Company Pasa Sigorta, Nofel Rzayev, said on 25 May that the Association of Insurers of Azerbaijan will serve point of communications between insurers and insurance regulator.
Leading Company Pasa Sigorta was registered on 3 March 2006. The Company is a closed joint stock company with authorized capital of AZN 1 mln.
The Association of Insurers of Azerbaijan was registered by the Justice Ministry of Azerbaijan in April. The Association brings together five companies (MBASK, Standard Insurance, International Insurance Company, Azersigorta, Ateshgah). The election to the Supervisory Board of the Association will take place on 22 June.
"Joint activities of the insurers and State Insurance Control will create conditions to prevent Bad Business Practices which prevents equal development of Azerbaijan's insurance market," Rzayev said.
He stressed that there are problems in the insurance market and one or two companies are unable to resolve them. Therefore, it will be better to resolve them at the level of Association and State Insurance Control.
"For instance, in America the Association of Insurers brings together all professional companies and has the right to fulfill the function of regulator. I think that the Association of Azerbaijan should apply this experience," he said. Rzayev stressed that the USAID intends to send a group of consultants to Azerbaijan to provide technical assistance to the insurance market, including the Association of Insurers in 2007-2008.