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New insurance regulations designed to improve Azerbaijani insurer satisfaction – CBA

Finance Materials 23 September 2022 17:45
Baku, Azerbaijan Trend News Agency Kamran Gasimov
New insurance regulations designed to improve Azerbaijani insurer satisfaction – CBA

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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