AZERBAIJAN: the Agricultural Insurance Fund needs a joint decision from local insurers to form a management body

4 June 2020 — Marina MAGNAVAL
The Agricultural Insurance Fund needs to obtain a license from the Central Bank of Azerbaijan. It will be possible only after the number of companies, participating in the charter capital of its management company, is defined, Trend reports citing Fuad SAGIDOV, Chairman of the Fund's Board.

The total number of non-life companies invited to form the charter capital is 17, some of them still pending in deciding whether to join the fund or not, the Chairman explained.

In August 2019, the President signed a decree based on which the Agricultural Insurance Fund was established, as a non-profit legal entity that ensures the organization, development and sustainability of the agro insurance system in Azerbaijan, as well as the formation of a governing structure and exercises control for its activity. In December 2019, the Charter of the Fund was approved by the Cabinet of Ministers.

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