Azerbaijan, Baku, Feb. 24 / Trend A.Akhundov /
The Azerbaijani Cabinet of Ministers approved the procedure for payment from the budget of insurance premiums for compulsory insurance of houses and apartments belonging to low-income families who are entitled to receive social aid, the Cabinet said on Friday.
This decision comes into force from the day of signing on Feb. 24.
According to the procedure, funds are allocated to the financial assistance equivalent to that being laid each year in the state budget for the indemnity, and stored at a special account of the Ministry of Finance.
The Ministry of Finance shall transfer the necessary funds to the bank account of the insurance company, to which a family appealed within 25 days after receipt of the required documents from the company.
Also, the Ministry of Labour and Social Protection of Azerbaijan has been instructed to submit by March 30 to the Finance Ministry a list of low-income families (if they own houses and apartments) on territorial units, and the information on changes to this list - before the 30th of the last month of other quarters this year.
One of the conditions for granting financial assistance is that these funds can not be used for other purposes. Part of financial assistance not used during the year, at the end of the year is returned to the budget.
Compulsory insurance of immovable property was introduced in Azerbaijan after the adoption of a new law "On compulsory types of insurance" which the company started to use from December 16, 2011.
To ensure greater social protection of population a minimum level of compensation is envisaged for each region. For Baku - 25,000 manat, Ganja, Sumgayit, Nakhchivan - 20,000 manat, other regions - 15,000 manat. The cost of insurance is 50, 40 and 30 manat respectively.
The official exchange rate is 0.7863 AZN to $1 on Feb. 24.