7 recommendations from Central Bank for insurers


May 5, Fineko/abc.az. The Central Bank has issued the recommendations for insurance companies in connection with the pandemic.

ABC.AZ reports with reference to the Azerbaijan Insurers Association that the reduction of physical contact between clients and employees of the insurance company in accordance with the rules of isolation within the special quarantine regime has created certain difficulties in providing insurance services. Taking this into account, the Central Bank made a number of recommendations:

1. Acceptance of claims for damages from policyholders by e-mail and in e-form (including video and photo images of events);

2. granting a deferral until 30 September 2020 when paying insurance premiums to insurers directly affected by the special quarantine regime under voluntary insurance contracts;

3. Taking the necessary management and technological measures to fully adapt insurers' business processes to the new operating conditions in connection with the pandemic;

4. Ensuring the conclusion of voluntary insurance contracts in e-form (taking into account the requirements of the Civil Code of Azerbaijan, the Law on Insurance Activity and legal acts related to information protection);

5. Explanation by insurers on their Internet pages of the relevant procedure related to the regulation of information and losses related to the work regime during the special quarantine period;

6. Ensuring the reception of insurers through video calls, as well as the continuous operation of the hotline in order to protect the rights of insurers:

7. Deferred payment of dividends based on the results of 2019 until 30 September 2020 and non-payment of interim dividends in 2020 in order to maintain and strengthen the capital positions of insurers.