TODAY.AZ / Business

Azerbaijan sets regulations for agricultural insurance system

03 June 2020 [12:43] - TODAY.AZ

By Trend


The process of forming regulations for the electronic information system of agricultural insurance has been completed in Azerbaijan, Fuad Sadigov, Chairman of the board of the Agricultural Insurance Fund, told Trend.

"The regulations for the electronic information system of agricultural insurance have already been formed, and we are waiting for confirmation from the relevant authorities," he stressed.

"Azerbaijan’s Ministry of Agriculture holds the leading position in creation of this platform, and to be more precise, the information system of agricultural insurance will be integrated into the electronic agricultural information system (EAIS)," Sadigov added.

"EAIS is a unified system that contains the main activities of the agriculture ministry, covers a wide range of opportunities for integration with domestic and foreign systems and creates the basis for creating an agricultural chain. Other departments, such as the ministries of justice, economics, ecology and natural resources and so on, also participate in it," he noted.

"The information system of agricultural insurance is one of the key links in the formation and development of this industry in the republic. One of the main tasks in the development of the system is the creation of a comprehensive database that reflects the risks associated with climate, animal and plant diseases. It will help to conduct an effective risk assessment in this area," said the chairman.

Azerbaijani President Ilham Aliyev signed a decree on August 19, 2019 on the applying of the Law on Agricultural Insurance and the establishment of the Agricultural Insurance Fund, a non-profit legal entity that ensures organization, development and sustainability of the agricultural insurance system in Azerbaijan, as well as the formation of a governing structure and exercises control for its activity.

The Azerbaijani Cabinet of Ministers approved the Charter of the Agricultural Insurance Fund on December 14, 2019. The Charter includes the goals of the activity, obligations and rights of the Fund, the fundamentals of its management, authorized capital, property and financial activity, the procedure for compiling and submitting audit and accounting reports, as well as other issues.

Presently, 21 insurance companies and one reinsurance company operate in Azerbaijan.

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