Baku, Azerbaijan, March 7
By Abbas Akhundov - Trend:
Azerbaijan`s Compulsory Insurance Bureau will create a database on compulsory insurance against accidents at work and occupational diseases which will be integrated into the database of the Employment Contracts of the The State Labor Inspectorate under the Ministry of Labour and Social Protection of the Population, the Bureau`s Executive Director Elkhan Guliyev told journalists on March 7.
The Bureau will finalise the information system requirements and develop a plan to amend the legislation by the end of the year, according to Guliyev.
This follows from last year`s amendments made to the insurance legislation of Azerbaijan. They suggest the inclusion of compulsory insurance against accidents at work and occupational diseases which is carried out in the country's life insurance companies in the list of compulsory insurance regulated by ISB.
Two of these three companies operating in the country for life insurance - Pasha Hayat and Gala Hayat are included in the register of companies participating in ISB.
The finance ministry has reached a preliminary agreement on the issue of inclusion to the roster the a third life company Atashgah Həyat, according to Guliyev. He also noted that the company should pay membership fees and deposit in order to be accepted into the Bureau.
In accordance with Finance Ministry standards, membership fees for life insurance companies were estimated at 200,000 manat, the same as for other participants in the bureau. The size of the deposit, which should be accepted by the company on compulsory insurance against accidents at work and occupational diseases, is 100 manat.
Some 26 insurance companies and one reinsurance company operate in the country.
The official exchange rate on March 7 is 0,7844 AZN / USD.
Edited by S.M.
Translated by S.I.