Law "On Insurance Activities" adopted in Azerbaijan

The chairman of the permanent commission on economic policy of the Parliament Ziyad Samedzade noted that despite rapid economic development of the country, there are some problems on the insurance market and the adopted law is important for their settlement as well as for the development of the activity of the insurance sector.

The said law will define principles of the activity of insurance companies, relations between insurers and individuals and legal entities and international cooperation.

Proposals and opinions of deputies and specialists were taken into consideration during the discussions, which encouraged the improvement of the draft law.

The draft law also envisisages issue of permanent licenses to insurance companies.

Parliament members consider that the adopted law will play a great role in struggle with monopolies, terrorism financing and money laundering.

/Day.Az/