Growing share of compulsory insurance

Minimum level of premiums collected by insurance companies - participants of the Bureau of compulsory insurance in the January-November reached 4.2 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 "Meqa Sigorta" last year collected until December 1 965 110 AZN in this - AZN 4,226,570, ahead of many competitors with better capitalization, not members of the Bureau.

In general, participants in a collective treasury Bureau received over the period 229,573,844.32 manat, almost three quarters (73.35%) of the total (312 968 990 manats). For comparison, last year the relevant companies collected 135.9 million manats of total premiums. If we add to these prizes compulsory insurance against accidents and illness at work, we can see that the local market is almost entirely (except for LCA and CASCO) of compulsory insurance.

Approximately the same ratio of payments - for all claims customers were 59.9 million manats (about three-quarters - 72.57% 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 formed from 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 CTP insurance, property insurance, liability insurance in the operation of real estate, 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-




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