Insurance legislation to be amended

16-10-2013 | 16:22        


Changes will be made to the insurance legislation. Bills in this area were discussed at the meeting of the Economic Policy Committee of the Milli Mejlis. Changes will be made ​​to the law on “Insurance activity", "Mandatory insurance of servicemen", "Mandatory insurance of industrial accidents and occupational diseases", as well as in the Civil Code and the Code of Administrative Violations. Chairman of the Economic Policy Committee of the Milli Majlis Ziyad Samadzadeh noted the rapid development of the insurance market in recent years, and increase in the amount of work realized in this area. The development of the insurance market creates a need for change in the laws that exist in this area, which will create a better insurance coverage of the population. The head of the State Service for Insurance Supervision of the Ministry of Finance Namik Khalilov said that if before, the insurance tax per capita was 16-17 manats, last year’s figure was 37 manat, and this year it is planned to increase to 40 manats. New developments include the expansion of actuaries. Insurance contracts will be in an electronic form too. After modifications the process of insurance claims will be simplified. The deputies considered the changes necessary, and noted that they, as a whole, will serve the purpose of rendering higher quality insurance services. Problems between the insured and insurance companies will be completely eliminated and the country’s trust in the insurance market will become stronger. After discussions the bills were recommended for consideration at the plenary session of the Milli Majlis.