BAKU, Azerbaijan, May 22
By Fidan Babayeva – Trend:
The Charter of the Information and Operational System of Agricultural Insurance has been prepared and submitted for approval in Azerbaijan, Fuad Sadigov, Chairman of the board of the Agricultural Insurance Fund, told Trend on May 22.
Presently, the fund is awaiting confirmation of insurance rules, which are currently under consideration, said the chairman.
“The fund has already begun work on the establishment of a governing body. Meetings were held with all the leaders of insurance companies and a decision was made to create a management company,” Sadigov noted.
“The legal implementation has already been launched, that is, an appeal has already been received to the Central Bank of Azerbaijan (CBA) and insurance companies have already scheduled extraordinary meetings of shareholders. The process of creation and authorization of the company will be completed as soon as possible,” he noted.
“The basis of the legal and regulatory framework is the Azerbaijan Law on Agricultural Insurance. On the basis of this law, the Charter of the Fund was approved, after which regulations were adopted defining the subjects of agricultural insurance, as well as the composition of risks. Work was also conducted on creation of the regulatory framework for the activities of independent experts, who, in turn, are the central institution of the agricultural insurance system. In particular, the rules for conducting examinations of independent experts were adopted,” he said.
On August 19, 2019, President Ilham Aliyev signed a decree on the application of the law on agricultural insurance and the creation of the Agricultural Insurance Fund. This fund is non-profit legal entity that ensures the organization, development and stability of the agricultural insurance system in Azerbaijan, as well as the formation of a governing structure and exercises control for his activities.
The Cabinet of Ministers of Azerbaijan approved the Charter of the Agricultural Insurance Fund on December 14, 2019. The Charter sets the goals of the activity, obligations and rights of the fund, the basis of its management, authorized capital, property and financial activities, the procedure for compiling and submitting audit and accounting reports, as well as other issues.
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