The Bureau Compulsory Insurance (BCI) in January-May paid compensation to the victims and families of those killed in road accidents in the total amount of 110,333 manats.
According to the information of the Bureau on the results of five months, there were 28 compensations. In May there were 11 compensations totaling 37,333 manat. Recall, this position does not apply to contracts of insurance between the insurer and the insured.
The office was created to manage certain financial fund, which is made by the payment of compensation.
The financial resources of the Bureau are formed from the entrance fee, a security deposit of one of the 4 types of compulsory insurance provided for, as well as 5% of the total monthly premiums for compulsory received by insurance companies. --17D-
Economics
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The new law on "Political Parties," adopted two years ago, came into effect early last year and has been criticized by the Venice Commission, is already making its impact felt. On December 4, the activities of two political parties—the Freedom Party and the Party of Free Democrats—were halted through court orders. The Ministry of Justice cited discrepancies in the documentation of these parties as the reason for its appeal to the court.
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In the first ten months of 2024, Baku's trade turnover registered a 4.4% increase compared to the same period last year, reaching a substantial 28.2 billion manat, according to the Baku City Statistics Department.
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In a significant move to bolster its financial capabilities, Azerbaijan's state-owned energy company SOCAR has signed an agreement with Italy's Intesa Sanpaolo bank. The pact, which underscores growing cooperation between the two entities, marks a step forward in securing financial resources for SOCAR's ambitious projects, including its ventures in green energy.
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In the first 11 months of 2024, Azerbaijan experienced a robust recovery in its tourism sector, with 2.41 million foreign and stateless individuals visiting the country, marking a 27.4% increase compared to the same period last year, according to the State Border Service. This growth reflects Azerbaijan’s increasing appeal as a travel destination, bolstered by diversification in source markets and improved transport infrastructure.
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