All the local insurance market for compulsory premiums collected a total amount of 46 million 946 thousand manat. The share of their weight is 29%.
According to the State Insurance Supervision Service of the Ministry of Finance of Azerbaijan, this contributes to the membership of companies in the Mandatory Insurance Office (MIO).
According to the data, most of them are premiums on compulsory insurance of civil liability of owners of cars in front of others (CTP on new rates) - 41 million 095.46 thousand manat.
Compulsory insurance of individual real estate brought 5 million 527.78 thousand manat. On items such as liability insurance for operation of real estate, they received AZN 202.11 thousand and on the insurance of passengers - 121.03 thousand manat.
MIO was founded on 16 December 2011 in accordance with the requirements of the law of the same name. The composition includes 12 participants of the insurance market. According to forecasts made by the State Insurance Supervision Service head, Namik Khalilov, this year members of MIO will be about 15 companies, the financial position of which allows them to make such a move.
The main function of the Bureau is implementation and administration of compensation payments. Compensation will be made in the event of bankruptcy of insurance companies - members of the Office.
The financial resources of MIO are formed from the entrance fees, security deposits for each type of compulsory insurance, as well as 5% of the total premiums for compulsory insurance.
The law "On compulsory insurance" covers four types of compulsory insurance - CTP insurance, property insurance, liability insurance in operations of real estate, and insurance for passengers. In this case, services for these types of mandatory insurance can only be provided by insurance companies that are members of the Office. If an insurance company is interested in providing services for several types of compulsory insurance, for each it should pay a separate deposit. -17D-
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