Payment of the Bureau of Compulsory Insurance

Bureau of Compulsory Insurance (ISB) has paid compensation in the amount of 1.5 million manat in connection with the application of severe injury to a citizen as a result of the accident.

According to a press release from the Office, the incident was in the past year (24 May 2012) in the Khatai district of the capital (http://isb.az/index.php?option=com_content&view=article&id=103%3Acbari-sorta-buerosu-trfindn-30042013-cue-il-tarixd-5-ci-kompensasiya-oednii-hyata-kecirilmidir&catid=2%3A2011-11-10-08-59-24&Itemid=5&lang=az).

"Compensation was paid on April 30 by the non-cash payment (by mail)", the report says. This is the fifth compensatory payments made by the Bureau.

Financial reserves the Bureau to January 1, 2013 is 4 million 88.67 million manat.

Compulsory Insurance Bureau was established in the law "On mandatory types of insurance" and the start of operations in December 2011. Members of the Bureau are currently 11 insurance companies operating in Azerbaijan.

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.

Financial Resources Bureau formed from several sources. First, it will be an entrance fee to start the Bureau. Second, insurers do security deposit for each type of compulsory insurance, which want to do. Third, 5% of the total premiums for compulsory, insurance companies should be transferred monthly to the Bureau.

 Bureau members at the moment are 11 companies: "Azers?gorta", AXA MBASK, "Ateshgah", "Xalq S?gorta", "Standard Insurance", "Pasha S?gorta", "AzS?gorta", "Meqa S?gorta", "Ata S?gorta", " Ipek Yolu Sigorta "and" Azerbaycan Senaye Sigorta ". The company "Alfa S?gorta" deprived of its license the Ministry of Finance for alleged violation of terms of the preparation and submission of documentation.

Compulsory Insurance Bureau was established in the implementation of the law "On mandatory types of insurance. Primary income comes under the civil liability of owners of vehicles (CTP). Regarding this species in central European law provides for a maximum level of proven payment for damage to the health and life of one case of the accident is 50 manats (with four passengers and a driver), the damage of one individual - 5 AZN damage the car too is compensated at the rate of five thousand manats.

By law, cases of non-payment of CTP insurance are not provided. Passenger or pedestrian is injured in action even drunk, escaped from the scene or has committed an intentional accident the driver, and the driver for driving without a license (if he was the owner of the vehicle) is entitled to receive compensation. Another thing is that entities responsible for a traffic accident shall be liable for the commission of an unlawful act.

The basic cost of auto insurance at the rate of 1.5 million cubic centimeters (on the cases CTP) is 50 manats. With the increasing volume of the engine used a factor of 1.5 (up to 5 thousand centimeters cubed) and 5 (5 or more thousand centimeters cubed).

Increases the base price is also an increase in passenger transport and car dealership tonnage trucks. However, the increase in the price of "large-caliber" buses has not resulted in increasing fares for the passengers yet. - 17D-