Samir Sharifov: Devaluation Negatively Affected Local Banking System and Financial Sector

The February devaluation of the manat (minus 34% to the US dollar) had a negative impact on the local banking system and, in general, the financial sector of Azerbaijan, - said the Minister of Finance Samir Sharifov at the start of the VI Azerbaijan International Insurance Forum (AIF-2015) in Baku.

According to him, the insurance is also required control will be created because more stringent rules and regulations to regulate the activities of intermediaries in the insurance market of the country. "In many cases a good job of insurance companies is undermined and discredited the work of insurance intermediaries," said the chief financial officer, according to whom, the insurers should pay more attention to working with consumers and protecting their rights. They should not seek to increase revenues through the provision of poor quality services to consumers.

The Finance Ministry has already sent to the State Insurance Supervision Service a request to develop a plan of action to optimize the situation in the field of consumer protection. "We have approved a number of steps to improve the regulation of the activities of insurance intermediaries. They need to build relationships with their customers at a very high level, which should not be undermined by the poor quality of services rendered by intermediaries," the minister said.

Recall, on the local market are 26 insurance companies and one reinsurance company. In addition, there are 950 registered insurance agents, of which 60 are legal entities. --17D-