Life insurance company "Pasha Hayat Sigorta" in the past 10 months for cases of compulsory insurance and disability of individuals from accidents and occupational diseases paid 163.3 thousand manats.
As noted in the official report, in comparison with January-October last year, the payments on this type of insurance increased by 89.3%. In November, they made another payment in the amount of AZN 37,776.
Premiums, specializing in life insurance, reached 8 million 768 thousand manats (+18.2% compared with the previous year).
The law "On mandatory insurance of disability of individuals from accidents and occupational diseases" was approved in July 2010. In December of the same year, the Ministry of Finance and the Ministry of Justice approved regulations for the provision of this type of insurance. The right to provide such services is endowed with three companies.
The Cabinet of Ministers in November 2010 approved the tariffs for compulsory insurance and disability due to accidents in the workplace. According to the decree of the Cabinet of Azerbaijan, all economic activities are divided into 14 levels of risk. Based on this level of risk, determined the amount of the insurance rate for employees and workers at the plant, which is 0.2% to 2% depending on the risk level of the enterprise.
According to the law the insurance rate is estimated to payroll at the company. The law provides for three types of insurance payments: monthly, one-time and extra.
The company Pasha Hayat Sigorta was licensed for insurance activities on 14 February 2011. The sole shareholder of the company is Pasha Holding.
The registered capital is 15 million 50 thousand manats. - 17D-
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