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Azerbaijani insurance company applies for permission

Business Materials 8 December 2010 18:50 (UTC +04:00)

Azerbaijan, Baku, Dec. 8 / Trend U. Ismayilova /

The Azerbaijani Insurance Company Azerqarant appealed to the State Insurance Supervision Service for special permission to render services within the new rules for full insuring cars belonging to physical entities, Shukur Huseynov, deputy chairman of the company board, said.

"Azerqarant insurance company appealed to the state service within the legislation that requires a special permit for rendering new services," Huseynov said.

It was reported that the new rules will come into force from January 2011.

The rules classify the following types of insurance: motor vehicle insurance, liability insurance of the owner, individual insurance against accidents and diseases.

The insurance payment may not be less than 10 percent of the confirmed amount of damage. Insurance premiums must be fully paid not later than one month after concluding the insurance contract.

While determining the insurance rate, the ratio of the mileage is taken into account. It is 0.35 percent per 1,000 kilometers for a car operating on petrol with an engine of up to 1,500 cubic centimeters, 1,600 cubic centimeters - 0,2 percent, 1,800 cubic centimeters - 0.15 percent, 2,000 cubic centimeters - 0.17 percent, more than 2,000 cubic centimeters - 0.2 percent, for cars with diesel engines - 0.2 percent, with a turbo-diesel - 0,25 percent.

The coefficient of exploiting a car is 1.6 percent with the term of operation of up to two years (per year), 1.45 percent - 2-5 years, 1.25 percent - 5-10 years, 1.05 percent - 10-15 years , 0,85 percent - 15-20 years, 0.8 percent - 20-30 years, 0.75 percent - 30-40 years, 0.65 percent - 40-60 years, 0.6 percent - 60-100 years and 0.55 percent for a period exceeding 100 years.

Azergarant has been operating on the Azerbaijani market since 1993. The authorized capital is 2.7 million manat.

The official exchange rate is 0,7993 manat to $1.

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