Azerbaijan, Baku, Jan. 7 / Trend A. Akhundov /
The Azerbaijani Finance Ministry announced the procedure for calculating the amount of insurance premium for compulsory insurance of passengers. The procedure was approved within the new law on "Mandatory types of insurance". The insurance companies have started using it since December 16, 2011.
The sum to be paid while concluding a contract of this kind for a period of one year for each vehicle is formed depending on the number of passenger seats in it and the amount determined for a passenger seat, depending on the type of vehicle.
The sum insured for one passenger seat in the aircrafts is specified to the amount of 14 manat, ship - 5 manat, train - 3 manat, vehicles - 6 manat.
The new law, as opposed to the old one, abolished the practice of insurance payments only to passengers having the tickets. That is, the insurance is envisaged for all passengers.
Besides this kind, the new law regulates three types of compulsory insurance - real estate, liability of owners of motor vehicles, obligatory passenger insurance.
Insurance policies for these kinds can be sold by the companies-members of the bureau on compulsory insurance.
Pasa Sıgorta, Atesgah Sıgorta, Ata Sıgorta, AXA MBASK, Xalq Sıgorta and Standard Insurance are the founders of the bureau. AzSıgorta joined the bureau later.
All these companies, except Atesgah Sıgorta, will render services for three types of compulsory insurance - liability of owners of motor vehicles, real property and insurance of liability while using real estate. Atesgah Sıgorta will work only on liability of owners of motor vehicles.
According to the Code of Administrative Offences, penalties for the failure to conclude an insurance contract on compulsory insurance in Azerbaijan for physical entities hit 10 manat, officials - from 60 to 80 manat, legal entities - from 150 to 200 manat.
The official exchange rate is 0,7865 AZN/USD on Jan. 7.