Companies participating in Bureau for Compulsory Insurance collected three quarters of all local revenues

Minimum level of premiums collected by insurance companies - participants of the Bureau of Compulsory Insurance in January-October reached 3.8 million manat. An indicator of the benefits of participation in the organization of the Ministry of Finance recently established is the fact that, for example, the company Mega Sigorta last year collected before November 1 833.54 thousand manats, and this year – AZN 3 million 797.27 thsd, ahead of competitors with better capitalization, not members of the Bureau.

In general, participants in the collective treasury of the Bureau received over the period 204 million 312 thousand manats, nearly three-quarters (72.3%) of the total (282 million 143.74 thousand manats). For comparison - in the last year the relevant companies collected 135.9 million manats of total premiums.

Approximately the same ratio was of payments - for all claims customers were paid 54.7 million manats (about three-quarters - 74.5% 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 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 by 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. This is CTP insurance, property insurance, liability insurance in the operation of real estate, and insurance for passengers. In this case, the terms of the law, to provide services for these types of mandatory insurance can only those insurance companies that are members of the Bureau. - 17D-