New Insurance Regulations Designed To Improve Azerbaijani Insurer Satisfaction CBA
Date
9/23/2022 9:35:40 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 23. The new
insurance regulations, adopted by the Central bank of Azerbaijan,
are designed to improve insurer satisfaction, Director of the
Insurance Activity Policy and Supervision Department of the Central
Bank of Azerbaijan (CBA) Vusal Gurbanov told reporters, Trend reports.
According to him, the upgraded insurance legislation will result
in better quality insurance services for Azerbaijani citizens.
'Two of innovations under consideration are the new rules and
regulation tools of the 'Compulsory civil liability insurance of
vehicle owners'. One of them is the direct regulation of damage,
which will come into force on November 1, 2022. This procedure is
supposed to contain a citizen's insurance claim to the company for
coverage or compensation for a covered loss or policy event.
According to the analysis, the relevant rule will serve to increase
policyholder satisfaction,' the director said.
Gurbanov added that the other rule is determining insurance
premiums for the mentioned type.
'The purpose is calling for the safest possible driving, given
the likelihood of causing harm to a third party. The amendment will
depend on several risk factors, which means a more precise
risk-based approach. The corresponding rule will enter into force
on October 1, 2022,' he stated.
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