Bureau of Compulsory Iinsurance (BCI) has paid compensation in the amount of AZN 1,500 in connection with damage to health of a citizen by accident. The accident occurred Dec. 28, 2012.
According to the press release of the organization, the compensation was paid on April 23 of this year to the family of the deceased by non-cash (by mail).
As previously reported, BCI last year paid 24 compensations totaling AZN 54,391 to victims and families of those killed in road accidents.
The BCI was established on 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 fund, which will be produced by these compensations.
The financial resources of BCI 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 insurance.
The membership fee for the insurance companies who want to become founders and join the Bureau is 200,000 manats. - 17D-
Economics
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