Azerbaijani insurers cover half of compulsory insurance market against accidents
Azerbaijan, Baku, July 6 / Trend A. Akhundov /
Roughly half of the employers have insured their employees in the compulsory insurance system against disability resulting from occupational diseases and accidents at work in Azerbaijan, chairman of Atesgah Həyat insurance company Akbar Madatli told Trend today.
Three life insurance companies, having licenses to render services for compulsory insurance and disability resulting from occupational diseases and accidents at work - Atesgah Heyat, Qala Heyat and Pasa Heyat, work in Azerbaijan.
"Last year situation has not been changed," he said. "Last year about half of employers was insured."
He said that incomplete coverage of this market with great potential is associated with a lack of control at an appropriate level.
"The insurance companies are doing everything they can," he said.
"However, the resources of the State Labour Inspectorate Service, checking the existence of the insurance contract, are limited."
The enterprises may be fined from 150 to 200 manat for non-conclusion of the contract for the compulsory insurance at work in accordance with the Code of Administrative Offences (Article 253.1), deputy head of the State Labour Inspection Service at the Ministry of Labour and Social Welfare Maharram Maharov told Trend earlier.
A company official may be subject to a fine worth 1,000-2,000 manat in accordance with the same Code (Article 318.1) in case of non-fulfilling the instructions.
The companies raised 14.12 million manat for the first five months of 2012 on compulsory insurance and disability resulting from occupational diseases and accidents at work.
This is higher than the same period of last year by 18.26 percent.
This type of insurance has been used in Azerbaijan since December 2010.
The official exchange rate is 0.7856 AZN/USD on July 6.