Azerbaijan, Baku, 13 Feb. / Trend, A. Akhundov /
The provision of compulsory insurance will require an expansion of the branch network of the Azerbaijani International Insurance Company (IIC), CEO of the company Mamed Sadiq Mamedov told Trend on Wednesday.
Last year, the company appealed to the Ministry of Finance for a license for compulsory insurance on immovable property, compulsory liability insurance for vehicle owners (CTP), and liability insurance for the operation of real estate.
The company has branches in Ganja, Sumgait and Sheki. According to eligibility requirements for membership in the Bureau of compulsory insurance, the insurer must have a branch or representative office and the ability to complete the payment of damages at least in one of the districts or cities of 10 economic regions, excluding the occupied territories.
"It is impractical to open new branches without obtaining a license for compulsory insurance," Mamedov said.
Branches and representative offices should be established in the following economic areas: Absheron, Aran, Nagorno-Shirvan, Ganja-Gazakh, Guba-Khachmaz, Lenkoran, Nakhchivan, Kelbajar, Lachin, Sheki-Zagatala and Nagorno-Karabakh.
The insurer shall ensure the placement of data on its website regarding its branches and representative offices, including their addresses and phone numbers.
The International Insurance Company was established in 2002.
