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Draft law on Compulsory Insurance put up for discussion of parliament

21 January 2011 09:46 (UTC +04:00)

Then, the draft law on Compulsory Insurance was discussed. Samadzadeh told that, compulsory insurance sector had not developed sufficiently in Azerbaijan: â€œThis is an interesting and important lawâ€.

According to Deputy Minister of Finance Azer Baramov, the draft law consists of 74 articles and 2 chapters. 4 compulsory insurance types - compulsory insurance of real estate; vehicle liability insurance; compulsory insurance of civil liability on the operation of real estate and compulsory personal accident insurance of passengers are offered to be applied.

Today, vehicle liability insurance fee is lower and itâ€™s formal. Information base on vehicle liability insurance is planned to be established. The driver pays insurance for 3-4 years. If he/she doesnâ€™t meet the accidents the insurance fee will decreased.

He also noted that, the bus drivers must insure the passenger on personal accident insurance type after the law coming into force. Insurance sum for each passenger is offered to be AZN 5 000.

Then, the MPs expressed their opinion about the project and commented to submit it to the meeting of parliament.