Insurers urged to increase mandatory fees

Azerbaijani insurers will now make payments under compulsory insurance to all victims without exception.

According to the decree of President Ilham Aliyev on the approval of amendments to the law "On mandatory insurance", local companies will have to make payments to victims in connection with an insured event occurs regardless of whether the person concerned is the owner of the property or not. In case of death of the insured is affected his family.

The authorized body shall meet within 10 days the request of the insured, if the information is not prohibited by the announcement of the "Law on obtaining information."

Policyholder will delay payment, pay a penalty of 0.1% of the amount of insurance payment for each day of delay in payment.

Henceforth, insurers will certainly provide customers at an affordable memo language for them that should be taken in the insurance case, as well as legal grounds for refusal of payment.

Insurers will not have the right to refuse to provide services to compulsory insurance regardless of the level of risk insured. - 17D-

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