Azernews.Az

The draft concept of social and economic development in Azerbaijan in 2013 and following three years includes measures aimed at attracting investments of intermediary foreign insurance companies.

'The necessary measures will be taken to attract investment interests of intermediary foreign insurance companies through the use and promotion of agency and brokerage operations in the insurance market aimed at the development of broker networks nationwide', the draft stated.

The project also includes measures to increase the level of insurance services, regulation of reinsurance operations within the country's economic interests, public awareness in the field of insurance, training of professional staff, to increase the share of insurance premiums in GDP, adopt new laws and regulations governing the insurance business and deepen the integration of the country's insurance market in the global market.

Special attention among the main issues considered important for the formation of an effective insurance system, will be given to:

- Improvement of the legislative framework;
- Strengthening the financial stability and solvency of insurance companies;
- Provision of mandatory health insurance of employees by employers;
- Development of mechanisms to protect the interests of policyholders;
- Improving the efficiency of state supervision over insurance activities;
- Development of the transformation of deposits into long term investment through the use of insurance mechanisms;
- Continued integration of the national insurance system in the world insurance system;
- Improvement in the procedures for handling insurance cases.

28 insurance companies, one reinsurance company and six insurance brokers are currently operating in Azerbaijan.