Firdovsi Aghashirinov: Lack of electronic Information System of Insured leads to abuse

The project on formation of Electronic Information System of Insured covers 2019-2021 as it is large-scale and wide, Head of the Insurance Supervision Department of the Financial Market Supervisory Authority of Azerbaijan (FIMSA) Firdovsi Aghashirinov told Report.

According to him, the system is an electronic database containing data about clients' valid and expired insurance policies, insurance accidents, insurance history: "The system aims to collect data about insured people, their paying capacity, insurance fee and insurance payment for people applying for insurance, prevent abuse and fraud by warning other clients, increase the confidence in the sector."

He said that lack of such a system leads to abuse: "The system will also serve the insured people. This system will allow insurance sector to get information about insured people with insurance accidents and insurance risks will be assessed correctly. Consequently, insurers, insured people and financial sector will benefit."