Azerbaijan shares details for participation in Bureau of Compulsory Insurance
BAKU, Azerbaijan, Dec.18
By Zeyni Jafarov - Trend:
The Board of the Central Bank of Azerbaijan (CBA) made a decision in accordance with Articles 28.4 and 30.2 of the Law ‘On compulsory insurance’ and Article 22.0.17 of the Law ‘On the Central Bank’ on determining the amount of the security deposit and the fee for participation in the Bureau of Compulsory Insurance (BCI), Trend reports.
According to the decision signed by the CBA's Chairman Elman Rustamov, the amount of the insurer who applied for participation in the BCI is 200,000 manat ($117,600).
The amount of the security deposit, paid by the bureau at a time for compulsory real estate insurance, for compulsory civil liability insurance in connection with the use of the real estate, for compulsory individual insurance of vehicle passengers, and compulsory insurance against industrial accidents and loss of professional ability to work as a result of illness is 100,000 manat ($58,820), and for compulsory motor insurance policy (OSAGO) – 200,000 manat.
Besides, the decision stated that for insurers operating in Azerbaijan’s Nakhchivan Autonomous Republic, the amount of payments is up to 50 percent of the above amounts.
The decision came into force on December 16, 2020.
(1 USD = 1.7 manat on Dec. 18)
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