BAKU, Azerbaijan, June 3
By Fidan Babayeva - Trend:
The official name of the management company of Azerbaijan's Agricultural Insurance Fund will be determined by its founders, Chairman of the board of the fund Fuad Sadigov told Trend.
The fund will provide recommendations to properly conduct this process.
“Branding a company is a time-consuming and lengthy process, especially when it comes to a long-term oriented name. A well-chosen name helps the company grow faster, makes easier creation of the right image, helps to convey the company's strategy more easily, increases its value in the eyes of the consumer,” he said.
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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