Should the Compulsory Insurance Bureau (ISB) be liquidated, this will happen by a special law, as stated in the draft amendments to the Law on Compulsory Insurance, which was considered in the first reading at a parliamentary session, ABC.AZ reports.

According to the document, at present, this law should determine the procedure for managing and using the information system.

Experts note that the need to amend the law on compulsory insurance is due to gaps in the legislation. "The gap in the law is what measures to be taken if the Compulsory Insurance Bureau closes or is liquidated? According to the new draft, this will be a special Decree of the President. Closing the Compulsory Insurance Bureau in general can have a very big resonance in our country. This issue lies in the fact that compulsory insurance carries out execution of liquidation procedures in accordance with applicable law. And what happens even if the ISB is closed? The essence of the amendments to the law is that all procedures should be provided for by a special law, a presidential decree, which should also establish procedures", expert Ilkin Ibragimov explained for ABZ.