Azerbaijan specifies list of state property for compulsory insurance
Azerbaijan, Baku, Feb.2 / Trend A.Akhundov /
All companies-members of the Bureau on compulsory insurance will be able to take part in compulsory insurance of the state property of Azerbaijan, Head of department of the State Insurance Supervision Service under the Azerbaijani Finance Ministry Mahir Abdullayev told Trend on Friday.
At present, the Finance Ministry and the cabinet of ministers are carrying out work on list of state property which is subject to compulsory insurance.
"Work on the list in near completion and it will be ready in this month," Mr Abdullayev said.
He said the state bodies themselves will pay insurance contributions to companies.
The bureau was established in Azerbaijan in accordance with the requirements of the law "On compulsory types of insurance" and includes 9 companies.
The law regulates four types of compulsory insurance -- real estate, liability of owners of vehicles, passenger insurance and liability insurance while touching on real estate. Insurance companies started using the law since December 16, 2011.
The latest company to join the Bureau is the State insurance commercial company of Azerbaijan (Jan.25). The will work on compulsory insurance of real estate and civil liability when operating it.
Pasa Sıgorta, Atesgah Sıgorta, Ata Sıgorta, AXA MBASK, Xalq Sıgorta and Standard Insurance are the founders of the bureau. AzSıgorta and Alfa Sigorta joined the bureau later.
Insurance companies Atesgah Sıgorta, Xalq Sığorta and Standard Insurance, as well as two representatives of the Ministry of Finance, Head of Tax Policy, who are heads of legal and tax department, are elected as board trustees.
The number of participants in the Bureau on compulsory insurance Azerbaijan may increase to 15, Namig Khalilov, head of the State Service for Insurance Supervision, said earlier.
"About 10 to15 companies have the capability to meet the requirements for entry into the bureau. A list of participants can further expand with the increasing ability of firms in the future", Mr Khalilov said.
There are 29 insurance companies and 1 reinsurance company in Azerbaijan. At the same time the insurance license of the Fidan Sığorta Company was suspended.