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ASA chair: All compulsory insurance products to be electronic

16.03.2020,12:45


March 16, Fineko/abc.az. We want property insurance to be in electronic format, not on paper like car liability insurance, said Azer Aliyev, the chairman of the Azerbaijan Insurers Association (ASA) in an interview for news website ABC.AZ.

According to Aliyev, in this regard, ASA has already made the relevant proposals to the Central Bank, which is the supervisory authority.

Aliev noted that along with real estate insurance, all insurance products included in mandatory insurance will be electronic: "Experts noted that property insurance is not the right type of insurance, it should be different. Yes, there are gaps, weaknesses, and strengths. We’ve submitted our proposals to the Central Bank. There we reviewed all the comments and suggestions made by the experts. Currently, there is no liability in property insurance, only the property itself is insured. It is proposed to add responsibility to this kind of insurance. First of all, we offered the electronic version of compulsory insurance products. As the Compulsory Insurers Bureau can do this for a very short time. And other types are not in the competence of the CIB."

By Elmir Murad