Law "On mandatory types of insurance" takes effect in Azerbaijan
Azerbaijan , Baku, Sept. 17 / Trend A.Akhundov /
The law "On mandatory types of insurance" took effect in Azerbaijan.
The country's official press has today published the text of the Law approved by Azerbaijani President Ilham Aliyev on June 24, 2011 .
The law regulates the four types of compulsory insurance - real estate, liability of owners of motor vehicles, passenger insurance, and liability insurance while exploiting the real estate .
To date, nine types of compulsory insurance are applied in the country.
Based on the presidential decree dated Sept.15 on the application of this law, the finance ministry is tasked to set new requirements in two months in providing permissions for conducting compulsory insurance, introduce insurance certificate of new form and provide its seal, set the size of payment for ones, who wish to become members of the Compulsory Insurance Bureau and sum of their deposit, rates of charge to form the Bureau's insurance reserves and the sum of the reserves themselves, set the size of payment for property and vehicle owners' civil liability insurance.
The ministry also should address other issues arising from the decree.