At the local insurance market for compulsory premiums there was collected 105 million 611.94 thousand manats. The specific weight was 37.3% of the total 283,150,000 manats.
According to the State Insurance Supervision Service of the Ministry of Finance of Azerbaijan, that helps companies in the membership of the Bureau of Compulsory Insurance.
According to the data, most of the premiums collected in the framework of compulsory insurance of civil liability of vehicle owners to third parties (insurance on the new tariffs) was 45 million 489.76 thousand manats.
Compulsory insurance of the individual real estate companies for the first half-year brought 19 million 517.37 thousand manats. In such types as liability insurance while exploiting the real estate, there was received 251.78 thousand manats, insurance of passengers - 83.41 thousand manats.
The Bureau of Compulsory Insurance was based on 16 December 2011 in accordance with the law of the same name. The structure includes 15 participants of the insurance market, three of which are engaged in life insurance. The main function of the Bureau is the implementation of compensation and management of certain financial fund, which will be made through the payment of compensation. Payments will be made in case of bankruptcy of the insurance companies - members of the Bureau.
The financial resources of the Bureau are formed from the entrance fee, a security deposit for each type of compulsory insurance, as well as 5% of the total premiums for compulsory that insurance companies will be credited on a monthly basis to the Bureau.
The law "On compulsory types of insurance" covers 4 types of compulsory insurance. This insurance, real estate insurance, liability insurance while exploiting the real estate, insurance of passengers. At the same time under the terms of the law, to provide services to these types of compulsory insurance will be able to only those insurance companies that are members of the Bureau. If the insurance company is interested in providing services for several types of compulsory insurance, by each type it must make a separate deposit. --17D-
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