Azerbaijani company refuses to work on compulsory liability insurance in real estate

Photo: Azerbaijani company refuses to work on compulsory liability insurance in real estate   / Economy news

Baku, Azerbaijan, Feb. 28
By Abbas Akhundov - Trend:

Azerbaijani insurance company Xalq Sıgorta has voluntarily relinquished the right to work with obligatory insurance liability in real estate operations, the Compulsory Insurance Bureau said on Feb. 28.

The company was excluded from the bureau's registry for this type of insurance on November 25, 2013.

A security deposit worth 100,000 manat was returned to the company on February 27, 2014.

The company keeps the right to engage in compulsory real estate insurance and compulsory liability insurance of vehicle owners.

The Compulsory Insurance Bureau was established in accordance with the law on compulsory insurance. Besides consisting of three kinds, it also regulates the compulsory insurance of passengers.

The bureau includes 14 companies. Xalq Sıgorta was included in the Compulsory Insurance Bureau's registry on December 13, 2011. The company was established in 2005.

The official exchange rate is 0.7844 AZN/USD on Feb. 28.

Translated by NH
Edited by SM

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