86,186 Electronic MTPL Contracts Concluded

Baku / 03.10.17 / Turan: In September of this year, 86,186 electronic contracts on compulsory motor third party liability (MTPL) insurance were registered in the Compulsory Insurance Bureau information system. 13,920 of them were compulsory insurance contracts concluded with respect to motor vehicles that were registered abroad and entered the territory of the Republic of Azerbaijan for transit purposes.

The amount of insurance premiums collected by insurance companies under concluded contracts for the indicated period amounted to 6,834,654 manat. In comparison with the same period last year, the number of insurance contracts and the value of premiums increased by 24% and 21%, respectively.

Since November 1 of last year, MTPL contracts have been registered in Azerbaijan exclusively in the form of an electronic document. Contracts concluded on paper before this date will be valid until the expiration date.

Currently, 13 insurance companies operate in the country under the MTPL category, which are participants of the Compulsory Insurance Bureau (OJSC Ateshgah, OJSC Standard Insurance, OJSC Ata Insurance, OJSC Khalg Sigorta, OJSC Pasha Sigorta, OJSC AXA MBASK, OJSC AzSigorta, State Insurance Commercial Company of Azerbaijan, OJSC Mega Sigorta, OJSC Ipek Yolu Sigorta, OJSC Azerbaijan Senaye Sigorta, OJSC Gala Sigorta, and OJSC Gunay Sigorta). ------71D