LAW “ON INSURANCE” AMENDED

19.06.2004 [15:27]
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As was informed from the press service of Milli Majlis of Azerbaijan Republic, the parliamentarians have amended the Law “On insurance” at the 18 June sitting.

It was stated that the Finance Ministry of Azerbaijan is considering a project of establishing a national reinsurance company next year.

"We have certain ideas of rendering government support to the risk reinsurance sector and are considering the question. We may carry out the idea next year at the expense of state funds," he said. In his opinion, the Company is essential for reducing the flight of reinsurance funds from the country.

Azerbaijan has 28 insurance companies and seven of them are joint ventures.

Also discussed was in the second reading the Draft “On mail service”.

LAW “ON INSURANCE” AMENDED

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