Azerbaijan to guarantee another type of compulsory insurance

Azerbaijan, Baku, Feb. 27 / Trend A.Akhundov /

Azerbaijani Finance Ministry is preparing proposals to amend the insurance laws of the country, and one of the key proposals is to ensure participation of life insurance companies in the Bureau for compulsory insurance, the State Insurance Supervision Service under the ministry told Trend on Monday.

"One of the key points is the participation in the Bureau for compulsory insurance of companies which obtained permission to work on compulsory insurance of workers against occupational disease and disability in the workplace. This is done to guarantee their compensation," the State Service said.

As many as 3 companies have the right to work on this type of compulsory insurance: Pasha Heyat, Ateshgah Heyat and Qala Heyat. Use of this type of insurance began in Azerbaijan from Dec, 2010.

According to the report, the draft offers no point of the contribution on ensuring deposit for this type of insurance and its size.

"Today, there are rules for joining the Bureau for compulsory insurance, but is not yet known what the rules will be set for life insurance companies during the debates in Parliament. On this occasion there was no proposal, it is only to make amendments to the legislation for their participation in the bureau," the State Service said.

The draft proposal is being prepared and is endorsed with the relevant government agencies.

"Until the document is submitted to the Parliament as a formal bill, one can not talk about the details. It is expected that proposals will be presented to parliament this year," the State Service said.

Bureau on compulsory insurance was signed in Azerbaijan in Dec, 2011 in accordance with requirements of the new law "On compulsory types of insurance".

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 last company to join the bureau was the State Insurance Commercial Company of Azerbaijan. The company will work on compulsory insurance of real estate and civil liability when touching on real estate.

The bureau's other members offer services on three types of compulsory insurance except for compulsory insurance of passengers. Pasha Sıgorta, Ateshgah Sıgorta, Ata Sıgorta, AXA MBASK, Xalq Sıgorta and Standard Insurance are the founders of the bureau. AzSıgorta and Alfa Sigorta joined the bureau later.

The finance ministry set a membership fee at 200,000 manat. Fees worth 200,000 manat for obligatory liability insurance of vehicle owners, 200,000 manat for insurance of passengers, 100,000 manat for property insurance and 100,000 manat for liability insurance of real estate operation defined to obtain permission to engage in these kinds of insurance.

Besides the contributions for participation, permits and fees to the sum of five per cent per transaction, there will be additional benefits in the course of the activities (transfers to warranty service coupon and calendar payments and other).

There are 29 insurance and one reinsurance companies in Azerbaijan. At the same time the insurance license of the Fidan Sığorta Company was suspended.

The official exchange rate is 0.7863 AZN to $1 on Feb. 27.

"Together we are POWER": ENGINET supports injured children in Ganja city (FOTO)
"Together we are POWER": ENGINET supports injured children in Ganja city (FOTO)
Azercell continues to support medical staff fighting coronavirus
Azercell continues to support medical staff fighting coronavirus
The National Institute for International Education of Korea invites international students for “2021 Global Korea Scholarship
The National Institute for International Education of Korea invites international students for “2021 Global Korea Scholarship
Loading Bars
Latest
New York early voting starts on Saturday, 1st time in its history
McDonald's urges dismissal of Black former franchisees' discrimination lawsuit
Sudan becomes third Arab state to set aside hostilities with Israel this year
Artillery units, command post of Armenian armed forces destroyed as result of airstrikes (VIDEO)
Jeyhun Bayramov met with assistant to President for US National Security Affairs
Military volunteers, equipment of Armenian Armed Forces destroyed in directions of Khojavend, Fuzuli (VİDEO)
UAVs of Azerbaijan do not conduct flight over territory of Armenia - MoD
Azerbaijan has enough armored vehicles in its arsenal, uses them in operational situations - MoD
Information on alleged artillery shelling of Khankendi and Khojavend districts by Azerbaijan - not true
Chairperson, deputy chairperson of US - Educated Azerbaijani Alumni Association appeal to US Secretary of State
Yerevan not interested in peace, wants to escalate conflict, make it a regional one, says Azerbaijani's First VP
Information spread by Armenian side on Iran's artillery shelling Azerbaijan’s positions - false
Turkey reduces volume of exports of mining industry
Iran discloses value of exports from Tehran Province
Georgia increases import of ground and instant coffee
Japan plans to recruit astronauts in 2021, first time in 13 yrs
Kazakhstan increases exports to Denmark despite COVID-19
Azerbaijani FM talks Karabakh conflict with US Secretary of State
Azerbaijani Bank of Baku's net profit declines multifold
Member of UK’s House of Lords condemns Armenia’s missile attacks on Azerbaijan’s Ganja
Rejection of UN’s unfair statement – another diplomatic victory for Azerbaijani president
Azerbaijani Xalq Bank's income for 9M2020 published
Data on cargo handling from US via Turkish ports for 9M2020 revealed
Azerbaijani soldiers liberate cities, settlements from occupation one after another - First VP
Export of cars from Turkey to Russia down – Trade ministry
Export of cars from Turkey to Turkmenistan drops
Export of cars from Turkey to Tajikistan down
Export of cars from Turkey to Ukraine up – Trade ministry
Armenia attracting mercenaries to occupied territories of Azerbaijan
Targeting Azerbaijani civilians by Armenia - crime, says Uzbek ambassador
Azerbaijani MoD shows footage of liberated Minbashyly village in Jabrayil district (VIDEO)
Cabinet of Ministers bans entry/exit to several Azerbaijani cities and districts
Armenia poses threat to Trans-Caspian International Transport Route
Azerbaijan's Xalq Bank discloses its assets for 9M2020
Payments with foreign cards down in Georgia
Export operations between Azerbaijan and Croatia double
New terminal to be built in Georgia's Poti port
Azerbaijani Prosecutor General's Office gives updates on damages, following Armenia's attacks
Meeting between Azerbaijani FM and US secretary of state held
Kazakhstan's import from Poland down amid COVID-19
ADB supports Georgia in its COVID-19 fight
Azerbaijan, Latvia keen to increase mutual investments (PHOTO)
Russian president's statement on Karabakh generally suits Azerbaijan - deputy parliament speaker
Armenians threatening to kill French TV channel's journalist (PHOTOS)
ISET-PI thnk-tank updates its real GDP growth forecast for Georgia
Azerbaijan's troops liberate villages in Khojavend, Jabrayil, Zangilan districts
Azerbaijan liberates 4 Gubadli district villages from Armenia's occupation
Georgia to allocate funds for marketing of its wine
EAEU reveals volume of food oil exports to Turkmenistan
Secretary General of Organization of Islamic Countries supports Azerbaijan
Georgia to issue agricultural loans to promote primary production of annual crops
Turkmenistan's Turkmennebit opens tender for purchase of pipes
Uzbekistan to maintain positive GDP growth despite difficult economic conditions
Uzbekistan’s National Bank likely to be backed by gov't, Fitch Ratings says
Azerbaijani people trust their president - First VP Mehriban Aliyeva
Percentage share of Austria in Azerbaijan's total import slightly grows
Kazakhstan’s KazMunayGas receives ESG rating in sustainable development
Chairman of US Educated Azerbaijani Alumni Association appeals to US Ambassador in Azerbaijan
Surrendered Armenian officer says Karabakh isn't Armenian land
Armenian armed forces' manpower, armored vehicles destroyed, says Azerbaijani MoD (VIDEO)
Azerbaijan itself doing what Minsk Group didn’t - MP
Inflow of funds to Georgia up
Kazakhstan must invest in agriculture technologies oriented towards Kazakh reality
Israel sends humanitarian aid to Azerbaijan (PHOTO)
Uzbek import of cars from Turkey shrinks
Ballistic missile attacks on Gabala and other Azerbaijani cities - vandalism and fascism of Armenian leadership - People's Artist
Volume of nine-month cargo shipment from Germany via Turkish ports revealed
Iran to implement second phase of ring road around Hormoz Island
Turkmengas to buy geophysical equipment via tender
New buses to start serving passengers in Georgian Tbilisi
Deutsche Bank: Brexit trade costs will be 'material' deal or no deal
Metallurgical products import to Uzbekistan to be reduced via metallurgical plant in Tashkent
Stable basic export rate could help boost Iran's exports
Iran to settle all wheat farmers' claims
WB implements new project in Georgia
President Aliyev holds phone conversation with father of National Hero of Azerbaijan Shukur Hamidov
Iran plans to establish trade centers
New company admitted to Baku Stock Exchange
Shukur Hamidov's name will be immortalized in Gubadli district
Iran reveals its COVID-19 data for October 23
Iran increases number of emergency beds in hospitals
Ambassador welcomes liberation of Azerbaijan's Agbend settlement on border with Iran
Turkey hopes for achieving success in Karabakh conflict settlement together with Russia - Erdogan
Putin's comments were response to those taking anti-Azerbaijani position, analyst says
Kazakhstan's postal service operator to buy petrol via tender
Discussions on Karabakh conflict held at UN Security Council 25 years later - Assistant to Azerbaijani president
Export of cars to Kyrgyzstan spiked - Turkish Ministry of Trade
Turkmenistan increases fruit imports from EAEU countries
It's incorrect to talk about CSTO's help, while conflict taking place in Karabakh - Russian MFA
Azerbaijan confirms 212 more COVID-19 recoveries
No objective benefit for NATO's open support to any party of Karabakh conflict - Russian expert
Georgia reveals total projected harvest of grapes in 2020
Gold, silver prices in Azerbaijan down
Armenia carries out eco-terrorism against Azerbaijan
Georgia names number of beneficiaries received discount cards under agro-diesel promotion program
Captured Armenian soldier admits presence of foreign mercenaries in Armenia (PHOTO/VIDEO)
Azerbaijani media working hard in information space, demonstrating objectivity, accuracy - MP
Daimler lifts profit forecast as China snaps up luxury cars
U.N. says Libya sides reach ceasefire deal
Azerbaijan's CBA to hold deposit auction on Bloomberg platform
All news