The Bureau of Compulsory Insurance (BCI) paid regular compensation in the amount of AZN 5,000 in connection with the death of a man in a road traffic accident. The accident occurred on November 29, 2013.
According to the press release of the organization, the compensation was paid on April 23 of this year to the family of the deceased in a non-cash form (by mail).
As previously reported, BCI last year paid 24 compensations totaling AZN 54,391 to the victims and families of those killed in road accidents.
BCI was established on the law "On mandatory types of insurance." The Bureau members are currently 15 insurance companies operating in Azerbaijan.
Its main feature is compensatory payments, certain financial management of the fund, through which the compensation will be produced.
The financial resources of the Bureau are formed from entrance fees of the 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 items.
The membership fee for the insurance companies that want to become founders and join the Bureau is 200,000 manat. - 17D-
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