Azerbaijan Insurers Association and Social Protection Fund to defend right for payment


March 13, Fineko/ The Azerbaijan Insurers Association (ASA) proposes to change the mechanism of compulsory social insurance in the country.

The State Social Protection Fund of Azerbaijan is developing the proposals for amendments to a paragraph of the Law on Social Insurance, which implies exemption from compulsory social insurance of persons who insured their lives for at least 3 years (accumulative insurance).

ASA held a meeting of specially-created accumulative insurance workgroup, chaired by Association’s chairman Mustafa Abbasbeyli and participation of life insurance companies.

The workgroup’s participants discussed the proposed amendments to the Law, made a decision on appeal to the State Social Protection Fund, and if necessary to the Financial Market Supervision Chamber and the Parliament of the country to declare that insurers are discontent with this proposal and tell about the impact of this decision on the insurance sector.




Keywords: ASA DSMF