Azerbaijan, Baku, April 3 / Trend, A. Akhundov /
As of April 1, 2013, payments were made on 7821 requests for the mandatory liability insurance of vehicle owners (CTP), payment was denied to 37 requests and 190 are under consideration. In general, the insurers paid 11.9 million manat for CTP during reporting period, of which 6.83 million manat were paid last year.
This was stated in a report of the Compulsory Insurance Bureau established under the law operating on compulsory insurance in Azerbaijan, which came into force on December 16, 2011. The law also regulates the compulsory property and liability insurance required in the operation of real estate and compulsory insurance of passengers.
Overall, the insurance companies-members of the Compulsory Insurance Bureau registered 8,048 requests for CTP insurance via the bureau's information system.
In March, the bureau concluded 60,300 policies on CTP through the information system, for which premiums were paid to the company at a total of 4.3 million manat.
Some 19,800 contracts were concluded on liability insurance of motor vehicle owners registered outside of Azerbaijan, but used on the territory of Azerbaijan for transit purposes. These contracts are concluded for a period of one month.
The number of policies on CTP grew by 7.76 percent to 11.8 million manat in the first quarter of 2013 compared to 2012.
Some 12 companies are taking part with the Compulsory Insurance Bureau: Paşa Sığorta, Ateshgah Sıgorta Shirketi, Standard Insurance Sıgorta Shirketi, AtaSıgorta, Xalq Sıgorta, AXA MBASK Sıgorta Shirketi, AZSIGORTA, Alfa Sıgorta, State commercial insurance company Azersıgorta, Meqa Sıgorta, İpek Yolu Sıgorta and Azerbaycan Senaye Sıgorta.
After the law 'On compulsory insurance' came into force in December 2011, the basic cost of an insurance policy on CTP amounted to 50 manats and is used in regard to cars with an engine capacity of up to 1500 cubic centimeters. With the increasing volume of the engine (from 1500 to 5000 cubic centimeters), coefficients from 1.5 to 5 are added up to the cost. Coefficient 5 is used for cars with an engine capacity over 5000 cubic centimeters.
Previously, insurance premium for all passenger cars was 10 manat.
The contract with the owners of vehicles registered abroad and imported to Azerbaijan for transit purposes was signed for a period of one month, and the insurance amount is equal to 25 percent of the annual premium for the vehicle.
The official exchange rate on April 3 is 0.7846 AZN / USD.