The Bureau of Compulsory Insurance has paid compensation in the amount of 5,000 manat into the death of a man in a traffic accident.
As noted in a press release the Office, the accident occurred on March 21 this year on the motor road Khaldan - Mingachevir and the compensation was paid by August 23 in cashless payment.
The Bureau of Compulsory Insurance was established in the framework of the law "On mandatory types of insurance." Members of the Bureau are currently 12 insurance companies operating in Azerbaijan. One of them, Alfa Sigorta is deprived of the opportunity to insure the customer through the liability of owners of vehicles, that is discrimination on the part of the Ministry of Finance.
The main function of the Bureau is the implementation of compensation, management of certain financial fund, which will be produced by means of the payment of compensation.
The financial resources of the Bureau are formed from several sources. First, it is an entrance fee, which is made by insurers. Second, insurers make a security deposit for each type of compulsory insurance, which they want to do. Third, 5% of the total premiums for compulsory, insurance companies should be transferred monthly to the Bureau.
The membership fee for the insurance companies who want to become founders and start Bureau is 200,000 manat.
The size of a single deposit to the Bureau on compulsory insurance of civil liability of vehicle owners (CTP) is 200,000 manat. - 17D-
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