Bank Of Baku

9 companies allowed render compulsory insurance services in Azerbaijan

9 companies allowed render compulsory insurance services in Azerbaijan
# 22 February 2012 13:28 (UTC +04:00)
Baku Elnur Huseynguluyev – APA-Economics. After the adoption of new law on “Compulsory insurance”, the State Insurance Supervision Service under the Ministry of Finance of Azerbaijan has given permission to 9 insurance companies (AXA-Mbask, Alfa Sıgorta, AtaSıgorta, Ateshgah Sigorta, AzSıgorta, Xalq Sıgorta, Pasha Sıgorta, Standard Insurance and Azersıgorta) for activity on compulsory insurance types.

Each of these companies have been allowed for activity on “Compulsory insurance of real estate” and “Compulsory insurance of civil liability on exploitation of real estate”. Moreover, except Azersıgorta, other insurance companies have been also allowed for “Compulsory insurance of civil liability of motor vehicle owners”.

The companies should pay sum-lump amount for permit on each insurance type: AZN 100,000 for “Compulsory insurance of real estate” and “Compulsory insurance of civil liability on exploitation of real estate”; AZN 200,000 for “Compulsory insurance of civil liability of motor vehicle owners” and “Compulsory insurance of passengers”.

In Total, up to now, insurance companies have paid AZN 3.4 mln to the Bureau.
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