A lump sum from Qala Hayat Sigorta

The insurance company Qala Hayat Sigorta made ??a one-time payment of 82.03 million manat at the case on compulsory insurance and disability of individuals from accidents and occupational diseases in the workplace.

According to the press release, it is the largest payment in its history. It was produced after an accident at work - an employee of a power company completely lost his earning capacity in an accident and was paid 82.03 million manat," the statement reads.

As previously reported, the law "On mandatory insurance of disability of individuals from accidents and occupational diseases in the production" was approved in July 2010. In December 2010, the process of approval regulations for the start of services on this type of insurance was completed.

Services for this type of insurance are provided only by insurance companies specializing in life insurance. Currently, the bank operates with three specialized insurance companies for life.

The Cabinet of Ministers in November 2010 approved the tariffs for compulsory insurance against disability resulting from accidents in production. According to the decree, all economic activities are divided into 14 levels of risk. Based on this level of risk, they determine the amount of the insurance rate for employees and workers at plants, which is 0.2 % to 2 % depending on the risk level of the enterprise.

The company Qala Hayat Sigorta (formerly Qala Sigorta) received a license for insurance activity in July 2008.

Its share capital is 5.5 million manats. The shareholders are the natural person Nizami Makhmudov and the Reinsurance Company AzRe Tekrarsigorta.

As of October 1, its premiums reached 7 million 662.53 thousand manats and the payments were 189.18 thousand manats. -17D-