The Bureau of Compulsory Insurance (ISB) paid regular compensation in the amount of AZN 5 in connection with the death of a man in a road accident.
According to the report of the Bureau, the accident happened October 24, 2013 on the territory of Binagadi district of Baku. "The compensation was paid on June 18, 2014 to the family in non-cash (by mail)," the report says.
As previously reported, in 2013 the Bureau paid 24 compensations totaling 54,391 manats to the victims and families of those killed in road accidents in Azerbaijan.
The Bureau of Compulsory Insurance was established on the law "On mandatory types of insurance." Bureau members are 15 local insurance companies. The main function of the accumulating structure is compensatory payments to certain financial management of the fund, which will be produced by this compensation.
The Bureau was formed from the entrance fee of companies, from the security deposit for each type of compulsory insurance and monthly 5% of the size of the total premiums for compulsory insurance.
Membership fee of insurance companies is 200,000 manat. Single deposit for compulsory insurance and real estate for compulsory liability insurance for property owners is 100,000 manat. By CTP and on compulsory insurance of passengers the deposit is approved at 200,000 manat. In addition, since January this year operates the one hundred thousandth deposit on mandatory insurance of disability of individuals from accidents and occupational diseases. - 17D-
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