Second life insurance company joins Azerbaijan’s Compulsory Insurance Bureau

Photo: Second life insurance company joins Azerbaijan’s Compulsory Insurance Bureau
 / Business News

Baku, Azerbaijan, Feb. 21

By Abbas Akhundov - Trend:

Azerbaijani life insurance company Qala Heyat JSC has been included into the registry of participating insurers of Compulsory Insurance Bureau (CIB), according to a message from the bureau.

Qala Heyat JSC has become the 14th company and the second life insurance company included into the CIB.

Earlier the bureau was joined by another life insurance company - Pasa Heyat Sıgorta.

Besides these companies, the bureau also includes Pasa Sıgorta, Atesgah Sıgorta Sirketi, Standard Insurance Sıgorta Sirketi, AtaSıgorta, Xalq Sıgorta, AXA MBASK Sıgorta Sirketi, Azsıgorta, Alfa Sıgorta, State Commercial Insurance Company Azersıgorta, Meqa Sıgorta, Ipek Yolu Sıgorta and Azerbaycan Senaye Sıgorta.

It is expected that soon the bureau will be joined by the third life insurance company - Atesgah Heyat.

This is provided by amendments made to the insurance legislation, introduced last year. The amendments suggest including compulsory insurance against accidents at work place and occupational diseases into the compulsory insurance list regulated by CIB.

The membership fee for life insurance companies is set at 200,000 manats - same as for other participants in the bureau, according to the standards approved by Azerbaijani Finance Ministry.

The size of the deposit, to be contributed by companies in order to work on compulsory insurance against accidents at work and occupational diseases is 100,000 manats.

There are 28 insurance companies and one reinsurance company in Azerbaijan.

The official exchange rate for February 21 is 0.7845 AZN/USD.

Translated by E.A.

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