Azerbaijan, Baku, Dec 15 /Trend A.Akhundov/
Bureau on compulsory insurance has been created and is ready to work in Azerbaijan, Israil Garayev, vice-chairman of the insurance company Ata Sığorta, which is one of the founders of the Bureau told Trend on Wednesday.
The Bureau was established in accordance with the requirements of the new law On mandatory types of insurance, which regulates four types of compulsory insurance - real estate, liability of owners of motor vehicles, passenger insurance, liability insurance for operation of real estate. In general, the country has nine types of compulsory insurance.
"Paşa Sığorta, Atəşgah Sığorta, Ata Sığorta, AXA MBASK, Xalq Sığorta and Standard Insurance are the founders of the office," Garayev said.
Fees are 200,000 manat for obligatory liability insurance of vehicle owners, 200,000 manat for insurance of passengers, 100,000 manat for property insurance and 100,000 manat for liability insurance of real estate operation defined to obtain permission to engage in these kinds of insurance, Garayev said.
Garayev noted that in addition to contributions for participation, permits and fees in the amount of five percent on each transaction there will also be additional benefits in the course of the activities.
The bureau targets helping companies in the implementation of the law On mandatory types of insurance.
Garayev noted that, the bureau website has already operated - www.isb.az.
Official exchange rate on Dec 15 is 0.7863 AZN/USD
