Azerbaijan plans to introduce a new type of compulsory insurance, Finance Ministry official Orhan Bayramov told reporters on Friday.
The State Insurance Supervision Service is examining the experience of Russia and Turkey to prepare a bill to introduce the compulsory agricultural insurance," Bayramov said.
He said that this could be as a separate law and by means of amendments to the existing law on "Compulsory types of insurance".
The bill may be ready within a year, Bayramov said.
"Agriculture is a strategically important area of the economy," he said. "This law will be directed to insure the risks in the agricultural sector, which may arise as a result of natural disasters and to recover those losses."
He added that this new type may be regulated through the compulsory insurance bureau.
"We are working to include the insurance against accidents at work and occupational diseases in the compulsory insurance bureau," Bayramov said.
The compulsory insurance bureau was created within the law on "Compulsory types of insurance". The bureau members are 12 insurance companies operating in Azerbaijan. The law regulates four types of compulsory insurance - real estate, liability of owners of vehicles, passenger insurance, civil liability insurance while exploiting real estate. The insurance companies have started using the law since December 16, 2011.