Azerbaijan, Baku, Dec. 11 / Trend U.Ismayilova /
The law "On compulsory insurance on labor ability loss in production" will come into force in the coming days, Head of the State Insurance Supervision Service under the Azerbaijani Finance Ministry Mahir Abdullayev said.
"The law will completely take effect after a series of regulations that will govern the terms," Abdullayev said.
The adoption of regulations is expected in the coming days.
Abdullayev said the Azerbaijani Labor and Social Protection Ministry's Labor Inspectorate will inspect the introduction of compulsory insurance on labor ability loss in production.
Speaking about the level of penalties that will apply to businesses and individuals not adhering to the law, Abdullayev said that their size will be determined under the Administrative Violations Code.
Azerbaijani President Ilham Aliyev approved the law "On compulsory insurance on labor ability loss in production" in July.
The maximum insurance rate is two percent of the salary fund. Tariffs will be differentiated according to various sectors.
The Labor and Social Protection Ministry's Labor Inspectorate reported that about 250 accidents occurred in production in 2009 - 65 in the construction sector. As a result of accidents, 69 people have died. About 218 people were injured during production, including 48 people in the construction sector.
There are 27 insurance and one reinsurance company in Azerbaijan. There are two Life-company - Atesgah Heyat and Qala Heyat in the total insurance market.