In January-May, according to the State Insurance Supervision Service, under the insurance against occupational accidents and diseases in production 18.77 million manats was received, or more than 14% above the same period last year. All in all, within the framework of life insurance there was collected 57.33 million manats, including voluntary insurance (38.56 million manats) in this segment. This represents 27.6% of total premiums (207.63 million manats) in the insurance market. There is a growth in the ratio - by the end of April, the share of this segment was 22.6%.
In Azerbaijan, there are three companies specializing in life insurance and having the legal right to provide services for compulsory insurance of disability of individuals from accidents and occupational diseases in the workplace.
According to the Ministry of Taxes, in the country there are nearly half a million entrepreneurs (potential employers), including individuals. Of these, about a fifth of provides real jobs. All natural monopolies and big-scale businessmen are controlled by the inspection of the Ministry of Labor and Social Welfare and they have already signed contracts with insurance companies.
The law "On compulsory insurance of disability of individuals from accidents and occupational diseases" was approved in July 2010. In December of the same year, the approval of regulatory legal acts for the commencement of services under this type of insurance completed.
The Cabinet in November 2010 approved the tariffs for compulsory insurance and disability resulting from occupational accidents. Under its provisions, all economic activities are divided into 14 levels of risk.
Based on this level of risk, the amount of the insurance rate is determined for employees and workers in the enterprise, which ranges from 0.2% to 2%, depending on the risk level of the enterprise. The state budget provides for the allocation of AZN 10.03 million for the insurance of persons working in the government and public enterprises and organizations, beginning from 2011.
By law, the insurance rate is calculated from the capacity of the payroll in the company. The law provides for three types of insurance payments: monthly, one-time and extra. --17D-
Economics
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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