BAKU, Azerbaijan, June 2
By Fidan Babayeva – Trend:
Obtaining a license from the Central Bank of Azerbaijan by the management company of the Agricultural Insurance Fund will follow only after defining the final number of companies participating in the formation of the authorized capital of this company, Fuad Sadigov, Chairman of the board of the Agricultural Insurance Fund, told Trend .
“All 17 companies involved in the non-life insurance segment were invited to participate in the formation of the authorized capital. A certain part has already agreed, some companies are still deciding,” said the chairman.
Due to this reason the Agricultural Insurance Fund is negotiating with the insurance companies for a joint decision, noted Sadigov.
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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