Azerbaijan, Baku, July 9 /Trend A.Akhundov/
Since the beginning of a new law on compulsory types of insurance in Azerbaijan, i.e. since December 16, 2011 to July 1, 2012, about 465, 4000 contracts were signed through the Information System Bureau of compulsory insurance in the form of compulsory insurance of liability of owners of motor vehicles (CTP).
Fees on these contracts amounted to 35.3 million manat, the Bureau told Trend on Monday.
Some 76,500 contracts were signed in June, 19,800 of which accounts for liability of owners of cars registered outside of Azerbaijan. Some 6.1 million manat was collected through CTP in June.
"The number of contracts and the amount of CTP insurance premiums on them declined by 35.39 per cent and 31.46 per cent respectively in June compared to May," the bureau said.
There are more than 1,490,000 vehicles in Azerbaijan. Some 73,337 vehicles were registered last year. Currently, there are 42 cars per 100 families.
More than 44.37 per cent of the cars available in the country were insured through the new CTP on July 1.
After the new law 'On mandatory types of insurance' came into force, the basic cost of insurance was 50 manat and accepted in respect of cars with an engine capacity of up to 1500 cubic centimetres (cc). With increasing engine volume (from 1500 to 5000cc) ratios from 1.5 to 5 are used to value. For vehicles with an engine capacity of more than 5000cc the ratio five is used.
The contract with the owners of vehicles registered abroad and imported to Azerbaijan for transit purposes is concluded for one month. The amount of insurance is 25 per cent of the annual premium for these funds.
Official exchange rate on July 9 0.7856 AZN/USD