Azerbaijan’s Agricultural Insurance Fund develops requirements for founders of management company

Azerbaijan’s Agricultural Insurance Fund develops requirements for founders of management company

BAKU, Azerbaijan, May 24

By Fidan Babayeva - Trend:

The representatives of all companies having the licenses to carry out insurance activity in the non-life insurance segment may be the founders of the management company operating within the agricultural insurance in accordance with the law ‘On Agricultural Insurance’, Chairman of the board of the Azerbaijani Agricultural Insurance Fund Fuad Sadigov told Trend.

“The Board of Trustees of the Agricultural Insurance Fund developed the certain requirements for the founders of the management company in April 2020,” the chairman added. "The main requirements are the compliance with the prudential norms of the Azerbaijani legislation, as well as a wide branch network and rendering of insurance services at a high level.”

"The agricultural insurance is a rather attractive type in the field of non-life insurance which is in a great demand,” Sadigov said. “First of all, this will be an access for insurance companies to the additional sales channels and a customer base. In accordance with our data, several insurance companies have already convened extraordinary shareholders meetings for holding the discussions and make the decisions on this issue."

“A sufficient number of qualified independent insurance experts is a guarantee and one of the most important elements of the effective functioning of the entire agricultural insurance system,” the chairman said.

Azerbaijani President Ilham Aliyev signed a decree on August 19, 2019 on the application of the Law on Agricultural Insurance and the establishment of the Agricultural Insurance Fund, a non-profit legal entity that ensures the organization, development and sustainability of the agricultural insurance system in Azerbaijan, as well as the formation of a governing structure and exercises control for its activity.

The Azerbaijani Cabinet of Ministers approved the Charter of the Agricultural Insurance Fund on December 14, 2019. The Charter includes the goals of the activity, obligations and rights of the Fund, the fundamentals of its management, authorized capital, property and financial activity, the procedure for compiling and submitting audit and accounting reports, as well as other issues.

The new mechanism of agricultural insurance is expected to be applied in Azerbaijan from the second half of 2020.

Today 21 insurance companies and one reinsurance company operate in Azerbaijan.

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