Azerbaijan, Baku, Sept. 4 / Trend A.Akhundov /
Participants of Bureau on compulsory insurance, created in Azerbaijan in accordance with the law "On compulsory insurance types" meet all the requirements of the regulator, the State Insurance Supervision Service under the Ministry of Finance told Trend on Tuesday.
The participants of the Bureau of compulsory insurance are Pasha Sıgorta, Ateshgah Sıgorta Sirketi, Standard Insurance Sıgorta Sirketi, AtaSıgorta, Xalq Sıgorta, AXA MBASK Sıgorta Sirketi, AZSIGORTA, Alfa Sıgorta, state commercial insurance company "Azersıgorta", Meqa Sıgorta, Ipek Yolu Sıgorta and Azerbaycan Senaye Sıgorta.
"Prior to September 1, the insurance companies had to introduce the software to sell insurance policies on compulsory insurance through their own web site. So far, the company produced on these types of policies in the Internet page of the Bureau of compulsory insurance. Two months ago, we reminded these insurance companies, the situation with the implementation of this requirement is normal," the State Insurance Supervision said.
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.
"Today, networks of representative offices and branches of all Bureau participants meet this requirement," the State service said.
The law On compulsory insurance types regulates four types of compulsory insurance - real estate, liability of owners of vehicles (CTP), passenger insurance, public liability insurance in the operation of real estate.