9500 AZN as compensation for family tragedy

The Bureau of Compulsory Insurance (ISB) has paid regular compensation totaling 9,500 manat to the family and the citizens, injured in a traffic accident.

According to the press release from the Bureau, the tragedy happened on September 3 last year on the road Baku - Gazakh - Georgian border, resulting in the death of a family member, while a few family members were injured. "Compensation was paid to 22 September 2014 the clearing settlement," the report says.

Aggregate payments by ISB by July 1 totaled 73.26 thousand manat to the victims and families of those killed in the accident. Azerbaijan has registered about 1.3 million vehicles, of which about 700 thousand are insured under the insurance companies - members of the ISB. On the country roads there are monthly fixed (really there are much more) up to 180 cases of accidents, which kill an average of 70 and injure from 160 to 170 people.

The Bureau of Compulsory Insurance was established in the framework of the law "On mandatory insurance" and began operating in December 2011. The Bureau members are currently 15 insurance companies, including the three structures, specializing in life insurance. The primary function of the Bureau is implementing compensation payments to certain financial fund management, through which you will be paying these payments.

The financial resources of the Bureau are formed from several sources. Firstly, it is an entrance fee. Second, insurers open a security deposit for each type of compulsory insurance, which they want to do. Third, 5% of the total premiums for compulsory insurance by the companies should be transferred monthly to the Bureau.

ISB was established in the framework of the implementation of the law On Mandatory Insurance. --17D-