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Control on companies not insuring workers with compulsory insurance on labor ability loss in production to be tightened

Business Materials 7 July 2011 19:37

Azerbaijan, Baku, 7 July /Trend, A.Akhundov/
It is high time to implement more stringent regulatory functions with regards to companies who do not wish to insure their workers with compulsory insurance on labor ability loss in production, Deputy Finance Minister of Azerbaijan Azer Bayramov told reporters on Thursday.
"Today, there are companies who do not wish to insure their workers with this insurance, the deputy minister said. - And control over this issue is made by the Labour Inspectorate of the Ministry of Labour and Social Protection."
He said yet there was no information on the application of sanctions to those companies.
Azerbaijani insurance premiums on compulsory insurance against disability resulting from occupational diseases and industrial accidents hit about 11.941 million manat in January-May, which is 37.12 percent more than the figure in January-April. The first payment was made in May by Atəşgah Həyat insurance company. A road accident killed one employee (the driver) of one of the Baku food industry company. The amount of the lump sum was 12,590 manat, according to the sum insured by the contract concluded.
Only three companies - Atesgah Heyat, PASA Heyat Sıgorta and Qala Heyat - render life insurance services. In total, there are 28 insurance and one reinsurance company in Azerbaijan.

The official exchange rate on July 7 is 0.7882 AZN/USD.

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