Insurance Supervision to Become More Mobile in Azerbaijan

The State Insurance Supervision Service in terms of organization will become more mobile. Since the beginning of next year to budget money (this year allocated 325 256 manats ) on a quarterly basis will be a surcharge of 0.3 % of premiums on insurance and reinsurance from foreign markets by each insurance company.

This is one of the innovations in the law of Azerbaijan "On insurance activity". According to the head of service Namik Khalilov, the change is due to the need to promote and encourage the process of insurance in the country. The legislative framework is defined as follows: additional revenue can be spent on additional staff incentives, the expansion of the material- technical base, retraining staff, participation in international conferences, seminars, trainings and courses.

The amendments also gave the supervisory authority the right to grant financial assistance to public and non-governmental organizations to implement activities to promote security in the country. - 17D-