Bank Of Baku

Compulsory insurance not to impact on fare in passenger transportation in Azerbaijan

Compulsory insurance not to impact on fare in passenger transportation in Azerbaijan
# 19 December 2011 11:01 (UTC +04:00)
Namig Khalilov, head of the State Insurance Supervision Service under the Ministry of Finance of Azerbaijan, says that this law considers insurance payment for damage as a result of insurance events during international and inter-city passengers’ transportation by air, sea, railway and motor transports.

He noted that compulsory insurance of passengers would be realized by motor vehicle owners, rendering services: “The tariffs on “Compulsory insurance of passengers” are determined for the number of passenger sits in vehicles. Relevant insurance agreement is signed for the period of 1 year. The difference in number of passengers has been eliminated in the new law. Thus, all passengers in the vehicle will be compensated during any incident”.

Note that, the law on “Compulsory insurance of passengers” has started to be applied since December 16.
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