The Bureau of Compulsory Insurance (BCI) paid regular compensation of 3,000 manat in connection with two traffic accidents. The accident occurred on November 26 and December 9 last year.
According to a press release, the payment (1.5 thousand manats each) was made to victims on April 28 of this year, non-cash (by mail).
As previously reported, BCI last year paid 24 compensations totaling 54,391 manat to the victims and families of victims of road accidents.
Bureau of compulsory insurance was established in the law " On mandatory types of insurance." Bureau members are currently 15 insurance companies operating in Azerbaijan.
Its main feature is compensatory payments to certain financial management of the fund, which will be produced by this compensation.
Financial resources of BCI are formed from entrance fees insurers - members of BCI, the security deposit for each type of compulsory insurance and 5% of the total size of the monthly premiums for compulsory insurance.
Membership fee for the insurance companies who want to become founders and start Bureau is 200,000 manat. - 17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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