BAKU, Azerbaijan, November 2. New amendments to the law on receiving Compulsory Third Party (CTP) insurance payments in the event of an accident have entered into force in Azerbaijan, Director of the Insurance Activity Policy and Supervision Department of the Central Bank of Azerbaijan (CBA) Vusal Gurbanov told Trend.
According to him, the most common type of insurance in Azerbaijan is the insurance of civil liability of vehicle owners (CTP).
"CBA made relevant amendments to this type of insurance, that will enter into force from November 1. The essence of the new changes is that the person injured in the insured event applies for compensation not to the insurance company (IC) of the party that caused the damage to him, but to his own company. These changes are based on international practice, and before applying it, the bank carefully analyzed how this innovation could affect the market," Gurbanov said.
Moreover, he noted that CBA published an index of complaints on its website to determine the criteria for choosing an insurance company.
"Index of complaints will allow determining the quality of client service of this or other insurance company on CTP insurance. Central Bank will publish this report monthly. On one hand, the publication of such ranking will make it easier for citizens to choose an insurance company, and for the companies, it will create an additional incentive to improve customer service," Gurbanov said.
He emphasized that the CBA expects to improve the quality of customer service for this type of insurance.
