Bureau of Compulsory Insurance paid second CTP compensation

Another victim of a road accident received compensation from the Bureau of Compulsory Insurance.

As reported on the official website of the organization accumulating, a citizen for causing grievous bodily harm to his health received compensation in the amount of AZN 1,191.5.

Compensation has been paid through February 5 postal order (bank transfer), - the report says.

This is the second compensatory payment by the Bureau. As previously reported, the Bureau in December 2012, has paid compensation in the amount of 5000 manats into the death of a citizen in a traffic accident.

During the First Forum of Insurance Agents, Executive Director of the Bureau Elkhan Guliyev said that a number of cases on which the payment is put under investigation.

The Bureau of Compulsory Insurance was founded on 16 December 2011 in accordance with the requirements of the law of the same name. The composition of the working group includes 12 participants of the insurance market.

The main function of the Bureau is implementation and administration of compensation payments to certain financial fund, which will be made through the payment of compensation. Compensation will be made in the event of bankruptcy of insurance companies - members of the Bureau.

The financial resources of the Bureau are formed from the entrance fee, a security deposit for each type of compulsory insurance, as well as 5% of the total premiums for compulsory that insurance companies will be transferred monthly to the Bureau.

The law "On compulsory insurance" covers four types of compulsory insurance. These are CTP insurance, property insurance, liability insurance in the operation of real estate, insurance for passengers. In this case, on the terms of the law, services for these types of mandatory insurance can only be provided by insurance companies that are members of the Bureau. - 17D-