Compulsory Insurance Bureau’s powers expanded in Azerbaijan
Azerbaijan, Baku, May 2 / Trend A. Akhundov /
The Economic Policy Committee of the Azerbaijani Parliament recommended discussing a bill on amendments to the existing law on compulsory types of insurance at the plenary session on Thursday.
The bill envisages including the compulsory insurance against accidents and disease at work in the list of compulsory insurance regulated by the Compulsory Insurance Bureau.
Currently, the law regulates four types of compulsory insurance - real estate insurance, liability insurance while exploiting real estate, civil liability insurance of vehicle owners and private insurance of passengers. The insurance companies have begun using the new law on "Compulsory types of insurance" since December 16, 2011.
Moreover, the changes involve the expansion of the information system coverage of the Compulsory Insurance Bureau. At present, insurance policies on civil liability insurance of vehicle owners for all four kinds and compulsory insurance against accidents and disease in the workplace are registered through the bureau.
Earlier, head of the State Insurance Supervision Service under the Azerbaijani Finance Ministry Namiq Khalilov told Trend that the initiative of concluding the contracts through the information system and other types besides the civil liability insurance of vehicle owners came from these insurance companies.
"This system is convenient to control the portfolio and sellers," Khalilov said. "It is very difficult to control it all over the country taking into account the massive sales on compulsory kinds without such a tool."
There are 28 insurance and one reinsurance companies in Azerbaijan. Pasa Heyat, Atesgah Heyat and Qala Heyat companies may deal with compulsory insurance against accidents and disease at work.