Bureau of Compulsory Insurance Preparing to Monopolize Market
Minimum strap of the premiums collected in January-August by the companies participating in the Bureau of Compulsory Insurance is 4.68 million manat. That's the number gathered by Alfa Sigorta, whose license was first frozen and then defrosted by the Minister's order. It is much inferior to its competitors for premiums.
In general, participants in the Bureau received during this period 235.72 million manat, which is more than two -thirds (69.81 %) of the total (337.65 million manat). If we add to these prizes compulsory insurance against accidents and diseases at work, see that the local market is almost entirely (except for VHI and Hull) of compulsory insurance. Expected dynamics of the segment, including that from the beginning of next year to connect life insurance companies to the Bureau .
Even greater imbalance in the ratio of payments - all claims insurance customers "elite" received 73.63 million (74.9 % of all payments) .
Bureau of compulsory insurance founded on 16 December 2011 in accordance with the requirements of the law of the same name. The structure of the part until the 11 participants of the insurance market , which consists of 28 companies .
The primary function of the Bureau is compensatory payments and certain financial fund management , which will be produced by these compensation . Compensation will be made in the event of bankruptcy of insurance companies - members of the Bureau.
Financial resources of the Bureau are formed from the entrance fee, security deposit for each type of compulsory insurance, as well as 5 % of the total premiums for compulsory that insurance companies will be credited monthly to the Bureau.
The law "On mandatory insurance" covers 4 types of compulsory insurance. These are CTP insurance, property insurance, liability insurance in the operation of real estate, and insurance for passengers. At the same time under the terms of the law, to provide services to these types of compulsory insurance will be only those insurance companies that are members of the Bureau. - 17D-