Independent Expert Body Should Assess Insurance Claims, Says Elchin Mirzabeyli
Elchin Mirzabeyli, a member of the Azerbaijani Parliament's Committee on Economic Policy, Industry and Entrepreneurship, has proposed that the assessment of insurance events should be entrusted to an independent expert institution. He stated that this would ensure objectivity and transparency in the process. Mirzabeyli believes that currently, insurance companies themselves often evaluate the damages, which can lead to biased outcomes. He argues that an independent body, free from the direct influence of insurance providers, would be better equipped to provide fair and accurate valuations. This proposal aims to enhance public trust in the insurance sector by guaranteeing that claims are handled impartially. The lawmaker emphasized that such a reform is crucial for the development of a more robust and reliable insurance market in Azerbaijan. He suggested that this independent institution could be established through a public-private partnership or as a state-funded entity with a mandate for oversight.
The proposal to establish an independent expert institution for insurance claims assessment addresses potential conflicts of interest inherent in the current system where insurers may evaluate their own liabilities. This structural reform could foster greater market confidence by enhancing procedural fairness and reducing opportunities for disputes arising from perceived bias. Such a shift aligns with global trends towards greater regulatory oversight and consumer protection in financial services. The long-term impact would depend on the institution's governance, funding, and independence from both industry and state pressures, ensuring it serves as a neutral arbiter rather than a tool for other agendas.
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