The Bureau of Compulsory Insurance (BCI) has paid compensation in the amount of three thousand manats to a family for an injury from a traffic accident that occurred on January 3 this year.
According to a press release, the compensation was paid to the victims on May 8 of this year, non-cash (by mail).
As previously reported, BCI last year paid 24 compensations totaling AZN 54,391 to victims and families of those killed in road accidents.
BCI was established on the law " On mandatory types of insurance." The Bureau members are currently 15 insurance companies operating in Azerbaijan.
Its main feature is compensatory payments to certain financial management fund, which will be produced by these compensations.
Resources the Bureau are generated from entrance fees of insurers - members of the ISB, the security deposit for each type of compulsory insurance and 5% of the total size of the monthly premiums for compulsory insurance.
The membership fee for the insurance companies who want to become founders and start the Bureau is 200 000 manats. - 17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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