Baku, Azerbaijan, Oct.28
By Azad Hasanli - Trend:
Insurance companies in Azerbaijan will pay a fine in cases of delayed payments on insurance against accidents at work and disability resulting from occupational diseases.
This is stipulated by the changes in the "Rules of designation, stop and resumption of insurance payments on compulsory insurance against accidents at work and disability resulting from occupational diseases" approved by the cabinet of ministers of Azerbaijan.
In accordance with the changes, in case of delays in payments on these types of insurance, the insurance companies will have to pay a fine of 0.1 percent of the amount of payment for each day of delay.
In January-September 2014 charges for insurance against accidents at work amounted to 31.8 percent (24.4 million AZN) of the total volume of premiums on life-insurance in Azerbaijan (76.85 million AZN). Payments on this type of insurance accounted for 8.6 percent (2.03 million AZN) of the total amount of payments (23.55 million AZN).
The official exchange rate for October 27 is 0.7843 AZN / USD.
There are 27 insurance and one reinsurance companies in Azerbaijan.