Bank Of Baku

Property of persons receiving targeted social assistance to be insured by state in Azerbaijan

Property of persons receiving targeted social assistance to be insured by state in Azerbaijan
# 27 February 2012 10:21 (UTC +04:00)
According to APA-Economics, te Cabinet of Ministers approved this law.

According to rules, the insurer must apply to Ministry of Finance to receive the funds. In this case, the insurer must submit the copy of insurance certificate on compulsory insurance of property of those persons and copy of the document affirming that the property belongs to that family. Ministry reviews this appeal during 25 days and if any shortcomings are not revealed, the funds must be transferred to the bank account of the insurer. If any shortcomings are revealed, the Ministry refuses transferring the funds.

The funds saved for insurance of the properties can not be used for other proposals. Unused part of funds during a year will be returned to the state budget.
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