Baku, Azerbaijan, Nov. 1
By Anvar Mammadov – Trend:
The last paper contracts on compulsory civil liability insurance for motor vehicles expired Oct. 31, the Compulsory Insurance Bureau of Azerbaijan (ISB) said Nov. 1.
“Thus, paper contracts on compulsory civil liability insurance for motor vehicles have been fully removed from circulation,” ISB said.
E-contracts on compulsory civil liability insurance for motor vehicles have been registered in Azerbaijan since November 1, 2016. The paper contracts concluded before Oct. 31 were valid until the expiration date.
The ISB includes 16 companies, 13 of which are authorized to sell policies of compulsory civil liability insurance for motor vehicles.
After the Law on Types of Compulsory Insurance came into force in December 2011, the base cost of a motor vehicle compulsory civil liability insurance policy is 50 manats and is applied to the cars with an engine capacity of up to 1,500 cubic centimeters.
As the volume of the engine increases from 1,500 to 5,000 cubic centimeters, coefficients from 1.5 to 5 are added up to the cost. Coefficient 5 is used for cars with an engine capacity of over 5,000 cubic centimeters.
Previously, the insurance premium for all cars was 10 manats.
Twenty-two insurance companies operate in Azerbaijan.
The official exchange rate for Nov. 1 is 1.7003 AZN/USD.