Contributions to motor insurance bureau in Azerbaijan meet requirements
Azerbaijan, Baku, June 3 / Trend, A. Akhundov /
Association of Insurers of Azerbaijan Executive Director Azer Aliyev expressed confidence that the membership fees in the motor insurance bureau, which is expected to be created in Azerbaijan within the Law on compulsory insurance types, will be economically sound.
"It is too early to talk about a concrete amount of membership fees to motor insurance bureau due to the fact that they are still being clarified. I do not think that the contributions will be determined randomly," Aliyev said.
Insurance companies in Azerbaijan offer to reduce membership fees to the Bureau of compulsory insurance of vehicles, chairman of the parliamentary committee on economic policy Ziyad Samadzade told Trend on Thursday.
Under the bill, third reading of which will be held in late June, members of the Bureau will be the insurance companies that are licensed for the provision of compulsory motor TPL insurance.
Insurance companies should make a calendar payment to the organization amounting to three percent of the premiums received under their contracts on compulsory motor TPL insurance.
Among the sources of reserve for the payment of insurance cases, a deposit of guaranteeing should also be made to the Bureau. The insurance companies wishing to become members of Bureau should pay one-time fee - deposit of guaranteeing, the amount of which is determined by State Insurance Supervision Service.
"Now we are discussing the amount of the fund, many insurance companies want the contributions to be less," Samadzade said.
The draft law contains a differentiated approach in determining the insurance rate, depending on the type of vehicle.
The official exchange rate is 0.7893 manat to $1 on June 3.