Azerbaijan plans to establish motor insurance bureau

Business Materials 13 March 2010 13:18 (UTC +04:00)

Azerbaijan, Baku, March 13 / Trend U. Ismayilova /

Azerbaijan plans to create a Motor (Transport) Insurance Bureau, dealing with the registration of treaties on motor third-party liability insurance, the Azerbaijani Association of Insurers executive director Gafar Mejidov said.

"Today, Ukrainian experience of creating an insurance office is studied. Perhaps, this structure will be non-state in accordance with it," Mejidov said.

According to him, now the association develops an exact model of the new structure. Besides an Ukrainian model, other models are studied.

Establishment of such a structure is necessary for the Azerbaijani insurance market, Mejidov said.

Motor (Transport) Insurance Bureau of Ukraine (MTIBU) is a non-entrepreneurial (non-profit) organization. This is an association of insurers who implement mandatory insurance of civil liability of owners of land vehicles. Membership in the Bureau is a prerequisite for the implementation of activities in the field of compulsory motor insurance.

The basis for the Bureau's activity is the law of Ukraine "Mandatory insurance of civil liability of owners of land vehicles", Ukrainian legislation and regulations.

The Association of Azerbaijani Insurers was established in December 2006. The association includes all the existing insurers. The supervisory board of the organization consists of five insurance companies of Azerbaijan - M BASK, Standard Insurance, International Insurance Company, Azersigorta, Ateshgah.