AZERBAIJAN: new rules in insurance will allow to provide better services

27 September 2022 —
The Central Bank of Azerbaijan (CBA) has adopted new rules in insurance, which are to increase the level of satisfaction of policyholders, Trend reports according to Vusal GURBANOV, director of the CBA's insurance control department.

"Two of the innovations are: introduction of new rules, new instruments of regulation of the Compulsory Insurance of Civil Liability of Vehicle Owners. One of them is the rule of direct damage regulation, which will come into force on November 1. This procedure will contain an appeal from citizens to the companies, from which they purchased policies, for damage compensation. According to the analysis, this rule will serve to increase the level of satisfaction of policyholders," explained Vusal GURBANOV.

Another rule is the procedure for determining insurance premium rates for this type. "The goal is to encourage driving as safely as possible, taking into account the likelihood of causing harm to a third party. This innovation will depend on several risk factors. It also means a more precise risk-based approach. This rule will take effect from October 1," the director of the CBA's insurance control department added.