More companies seek to engage in mandatory insurance in Azerbaijan

Azerbaijan, Baku, July 5 /Trend A.Akhundov/

Temza Sığorta Qrupu plans to join the Bureau of compulsory insurance, new CEO Abbas Babayev told Trend.

Bureau on compulsory insurance is created in Azerbaijan 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.

"We intend to engage in all the species, except for compulsory insurance of passengers," Babayev said.

He noted that, the company has already applied to the Ministry of Finance for a permit.

There are 12 members in the Bureau. The founders of the bureau are six companies - Pasha Sıgorta, Ateshgah Sıgorta, Ata Sıgorta, AXA MBASK, Xalq Sıgorta and Standard Insurance.

Later AzSıgorta, Alfa Sıgorta, State Insurance Commercial Company of Azerbaijan Azersigorta, Meqa Sıgorta, İpək Yolu Sığorta and Azərbaycan Sənaye Sığorta entered the bureau.

Additional requirements to the members of the Bureau entered into force since July 1, 2012. According to these requirements, the insurer must have its branch or representative office, which has all the features necessary for recovery of damages at least at one of the areas or cities of 10 economic regions of the country, except in the occupied territories.

Babayev said the company has already begun to establish branches and representative offices.

"Seven representative offices are registered in Yevlakh, Khachmaz, Sumgait, Lankaran, and so on, as well as a branch in Ganja," he said.

The company has six shareholders now - Bank of Baku, Baku Electronics, Baku Service Company, Auto Azerbaijan and Qafqaz Lizinq, which own 19 percent each, and NAB Holding with the participation of five percent.

Previously the owner of 49 per cent stake in the company's capital was the British Glencarron Group Limited. Temza Sığorta Qrupu operates in the insurance market of Azerbaijan since 1996. Azerbaijani share belongs to the local individual and legal entity (Gala Investment).

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