Number of companies willing to engage in compulsory types of insurance increases in Azerbaijan
Azerbaijan, Baku, Aug 22 /Trend A.Akhundov/
Azerbaijani insurance company Bakı Sığorta intends to enter the bureau of compulsory insurance, deputy chairman of the company Mehman Aliyev told Trend on Wednesday.
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," Aliyev said.
He noted that the company has already applied for a permit to the Ministry of Finance.
Currently the bureau includes 12 companies. 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 İpək Yolu Sığorta, Azərbaycan Sənaye Sığorta and Meqa Sıgorta entered the bureau.
From July 1, 2012, additional requirements for insurance companies to work for compulsory insurance came into force in Azerbaijan.
According to these requirements at least in one region or city of 10 economic regions of the country except in the occupied territories, the insurer must have a branch or representative office with all the features necessary for recovery of damages.
Bakı Sığorta was established by purchasing a majority (more than 50 percent of shares) of the insurance company Tural Sığorta. Remaining shares of the renewed company were divided between individuals.
Bakı Sığorta acts on Azerbaijani insurance market since August 28, 2007, and it received a permanent license since September 4.