Membership in the Bureau of Compulsory Insurance costs life insurers 300 thousand manats

 The size of non-recurring fees for life insurance companies to enter into Compulsory Insurance Bureau (CIB) has been determined.

As Turan reported from the structure , membership in the Bureau will have to pay AZN 200,000 as a deposit and AZN 100 000 under compulsory insurance of disability of individuals from accidents and occupational diseases.

In Azerbaijan, three companies have a license to provide services in the life insurance sector within the disability insurance - Ateshgah Hayat Sigorta, Pasha Hayat Sigorta and Qala Hayat Sigorta.

Last year, the total premium under compulsory insurance of disability of individuals from accidents and occupational diseases accounted for 24.885 million manat, and the payments were 1,457,360 manats.

CIB acts within the law "On mandatory types of insurance ." While in its ranks are 12 insurance companies of "general profile" and to the end of the 1st quarter the number of members will increase to 15.

The primary function of the Bureau is social, i.e. the accumulation of funds in the event of detection of cases of insurance with citizens who are not customers of companies and financial management of the fund, which will be produced by these compensations. Furthermore , this structure would be a financial buffer in case of bankruptcy of insurers - members of the Bureau .

Recall of contributions . One-time fee for all members of the Bureau is 200,000 manat . For each service a separate deposit is paid - on compulsory insurance of real estate and its owners liability - 100 000, on compulsory insurance of civil liability of vehicle owners to third parties (the new CTP ) - 200 000, and on compulsory personal insurance of passengers - 200,000 manat . - 17D-