The first compensation from the Bureau of Compulsory Insurance

The first compensation from the Bureau of Compulsory Insurance has been paid.

As noted in the official report, the management structure, to read the documents in accordance with the procedures for payment of compensation in the amount of AZN 5,000 into the death in a road accident. The accident occurred Sept. 12, 2012 in Oguz region (north-western region of the country). Payment effected on December 14. Compensation received family who died in the accident.

As previously reported, with reference to the executive director of the Bureau of Elkhan Guliyev, even in 4 cases in which compensation will be paid, currently under investigation, and the ISB waiting for final documents for payment. These cases are mostly related to damage to health.

Bureau of compulsory insurance founded on 16 December 2011 in accordance with the requirements of the law of the same name. The composition of the working group includes 12 participants of the insurance market.

The main function of the Bureau is implementation and administration of compensation payments to certain financial fund, which will be made through the payment of compensation. Compensation will be made in the event of bankruptcy of insurance companies - members of the Bureau.

The financial resources of the Bureau 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 transferred monthly to the Bureau.

The law "On compulsory insurance" covers four types of compulsory insurance. This CTP insurance, property insurance, liability insurance in the operation of real estate, insurance for passengers. In this case, the terms of the law, to provide services for these types of mandatory insurance can only those insurance companies that are members of the Bureau. -17D-