Finance

Finance

Azerbaijanâ€™s FinMinistry: Sale of insurance certificates on compulsory insurance of motor vehicles has been suspended temporarily

15 November 2011 13:25 (UTC +04:00)

To him, new law on â€œCompulsory insurancesâ€ was approved by the Parliament on June 24 and on September 15, the head of state issues an order in relation to application of this law: â€œDue to it, the old law is considered invalid. That is why from October 18, 2011, the State Insurance Supervision Service demanded all insurance companies to suspend the sale of insurance certificates on this type of insuranceâ€.

Abdullayev noted that fulfillment of new law will be started immediately after confirmation of some normative acts connected with new law on â€œCompulsory insuranceâ€: â€œSub-rules on this law have been prepared and were submitted to the relevant state agency. But time of confirmation of normative acts is unknown for nowâ€.

Abdullayev also noted that, SISS will take measure for any company selling insurance certificate on â€œcompulsory insurance of civil responsibility if vehicle ownersâ€: â€œSale of certificates has been stopped since the same date and all certificates are invalidâ€.

Speaking about vehicle inspection and requirement of certificates by Traffic Police Abdullayev noted: â€œGenerally, losing of old law the validity and not affirmation of new law creates certain voids. Employees of Traffic Police must be informed about these. The drivers will be required certificate after affirmation of new lawâ€.

Chief of PR Department of Baku State Traffic Police Department Kamran Aliyev noted that, the drivers whose insurance certification was expired would not be temporarily required new certification. The employees of Traffic Police were ordered about this.