Azerbaijani Compulsory Insurance Bureau rep talks on insurance policy of apartments
BAKU, Azerbaijan, Jan. 14
By Nargiz Ismayilova – Trend:
Currently, it is impossible to determine whether a person has a compulsory insurance policy of his or her apartments, Trend reports referring to Executive Director of the Azerbaijani Compulsory Insurance Bureau Rashad Ahmadov.
“There is no legislative act providing for integration of the database of insured apartments of the Compulsory Insurance Bureau into the database of State Service for Registration of Real Estate,” Ahmadov added.
"The legislation does not envisage the transfer of this information by the State Committee on Property Issues,” the executive director said. “After making the appropriate changes to the legislation, the integration will be possible. Insurance certificates will be in e-form, and e-systems will determine which apartments (houses) have been insured and which apartments have not been insured.”
“This statement made by the head of the Compulsory Insurance Bureau put an end to the recent hype,” Azerbaijani expert in economic issues Samir Aliyev said. “The issue is that there is no legislative act which stipulates integration the Compulsory Insurance Bureau’s system into the e-real estate register.”
“As there is no integration, it is impossible to determine whose house has been insured and whose house has not been insured,” Aliyev said. “Therefore, it will be impossible to penalize those who have not insured their apartments. Furthermore, it will be unreal to penalize without a corresponding decision of the Cabinet of Ministers.”
“In fact, the reason for the hype was the lack of information about the ongoing work on the development of the insurance sector in line with an order of the Cabinet of Ministers dated May 21, 2019,” the expert added.