TODAY.AZ / Business

The WB to state its opinion on Law on Insurance by July

01 June 2006 [07:47] - TODAY.AZ
The World Bank experts will say their opinions to Azerbaijani side after a new draft of insurance law is expertized.

Beybala Khankishiyev, the chief of Insurance Control Department of The Finance Ministry, has told in his interview to APA that the new draft has also been submitted to the Cabinet of Ministers.

Mr. Khankishiyev has stated that a new law reflects the question of strengthening insurance organizations’ activities assuming as a basis the practices of Russia, Kazakhstan and some European countries.

"The law will make insurance companies work easier. Only 49/51% margin for corporate insurance companies is kept unchanged and we find this limitation necessary. If the limitation is not kept, then foreign companies will soon eliminate the local ones, because insurance market in Azerbaijan is not well-developed. Just for reference, total authorized capital of national insurance companies is $31 million."

According to Mr. Khankishiyev, a mechanism is expected to make insurance law function and a new law regulates urgent subjects as struggle against terrorism, "washing dirty money" and others.


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