AZERBAIJAN: the cabinet of ministers approved the Statute of the Agricultural Insurance Fund

18 December 2019 — Marina MAGNAVAL
The cabinet of ministers of Azerbaijan approved the Statute of the Agricultural Insurance Fund, Trend reports with reference to the cabinet.

According to the Statute, the Fund is a non-profit legal entity created to ensure the organization, development and sustainability of the agricultural insurance system, as well as to support the formation of its governing structure and monitoring of its activities.

In order to ensure the management of insurance obligations, the Fund is authorized to determine the policy of insurance and reinsurance, adopt investment policy regarding allocation of assets for investments to ensure efficient operations, conclude contracts with intermediary agricultural insurers for intermediary insurance activities, including adoption of policies and rules for sustainability of the agroinsurance system.

AZN 1 million (~EUR 0.5 million) will be allocated from the state budget in 2019 to form the charter capital of the Fund, AZN 5 million (~EUR 2.6 million) - from the state budget for 2020, and another AZN 3 million (~EUR 1.6 million) - from the state budget for 2021. The Law "On agricultural insurance" comes into force on January 1, 2020.

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