Azerbaijan will make amendments to insurance legislation

Baku. 24 February. REPORT.AZ/ "Work carried out on draft law "On Regulation and Supervision of Financial Market" is nearing completion".

Report informs, Chairman of Board of Directors of Financial Markets Supervision Chamber (FMSC) Rufat Aslanli said at the presentation of 2nd phase of Financial Sector Modernization Project organized by Financial Markets Supervision Chamber, Swiss State Secretariat for Economic Affairs (SECO) and World Bank (WB).

According to him, discussions were held on the project during the visit of WB's mission to Azerbaijan: "We have worked hard on the bill this week, I hope that we will bring it to discussion with the mission."

According to the FMSC Director, amendments to insurance legislation will also be done in Azerbaijan: "In 2016, we mainly oriented to stabilize banking sector. But this year, we will show initiative in the insurance market and make amendments to the legislation. Because it combines elements of long-term savings and investment".

In addition, work is also underway on the bill to regulate payment systems in Azerbaijan.This project was originally developed, and this year we will try to present it to Parliament", R. Aslanli said.

He also said that a number of laws on non-performing assets are expected to change in 2017: "Perhaps there will be changes in laws on implementation of court decisions, on bankruptcy and insolvency".