Bureau of Compulsory Insurance Fully Staffed

Specialized Life Insurance Company Atesgah Hayat Sigorta entered into Compulsory Insurance Bureau (CIB), noted in the information on the website of CIB.

Now it is a member of CIB and has the right to the provision of insurance and disability of individuals from accidents and occupational diseases.

Now the total number of insurance companies included in CIB reached 15, which means full staffing.

As CIB told Turan, for membership in the Bureau one should pay 200,000 AZN and as a deposit under compulsory insurance of disability of individuals from accidents and occupational diseases - 100,000 manat.

In Azerbaijan, three companies have a license to provide services in the life insurance sector within the disability insurance - Ateshgah Hayat Sigorta, Pasha Hayat Sigorta and Gala Hayat Sigorta.

Last year, the total premium under compulsory insurance of disability of individuals from accidents and occupational diseases accounted for 24.885 million manat and the payments were 1,457,360 manats.

The Bureau of Compulsory Insurance acts within the law "On mandatory types of insurance." It includes 12 insurance companies and to the end of the 1st quarter the number of members will increase to 15.

The primary function of the Bureau is social or the accumulation of funds in the event of detection of cases of insurance with citizens, who are not customers of the companies, and financial management of the fund, which will be produced by this compensation. Furthermore, this structure would be a financial buffer in case of bankruptcy of the insurers - members of the Bureau.

As for the contributions, a one-time fee for all members of the Bureau is 200,000 manat. For each service there is a separate deposit paid. On compulsory insurance of real estate and its owners’ liability it is 100 000, on compulsory insurance of civil liability of vehicle owners to third parties (the new CTP) it is 200 000, and on compulsory personal insurance of passengers it is 200,000 manat. - 17D-