Features of Compulsory Insurance of Disability Used by Third
In fact, compulsory insurance of disability of individuals from accidents and occupational diseases does not succeed now.
In January-July, local insurance companies collected at this position 23 million 14.91 thousand manats (+ 8.9% compared with the data of August 1 last year). However, experts believe that this segment is developed by a third, and opportunities for this type can collect about 60 million manats with all the possibilities of employers.
According to the State Insurance Supervision Service of the Ministry of Finance, services, this type of insurance is provided by three insurance companies. The company Pasha Hayat Sigorta last year was in the lead with 35.94 million mantas, Ateshgah Hayat Sigorta collected 24,39 million AZN, and Qala Hayat Sigorta collected 13.37 million AZN.
By August 1, these companies had paid for accidents and deaths in production 1.51 million manats, which is almost twice as much as last year.
The law "On compulsory insurance of disability of individuals from accidents and occupational diseases in production" was approved in July 2010. On December 17 the same year, the Ministry of Finance approved the regulations, which launched services this type of insurance.
In November 2010, the Cabinet of Ministers of AR approved tariffs that all economic activities are divided into 14 levels of risk. On this basis the amount of the insurance rate for employees and workers in the enterprise was defined. It ranges from 0.2% to 2%, depending on the risk level of the enterprise.
By law, the insurance rate is calculated to the payroll in the company. The law provides for three types of insurance payments: monthly, one-time and extra.
In addition, the annual project expenditure budget AR introduced the item on the allocation of funds for compulsory insurance of employees against industrial accidents in the amount of 10 million AZN. --17D-
Economics
-
Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
-
Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
-
Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
-
In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
Leave a review