Baku, Azerbaijan, Jan.23
By Abbas Akhundov - Trend:
Funds of Azerbaijan's Compulsory Insurance Bureau (ISB) increased by 28.72 percent in 2013, ISB told Trend on Jan.23.
If as of early 2013, around 9.4 million manat was accumulated in deposit accounts of local banks, the volume of these funds increased to 12.1 million manat as of Jan.1, 2014.
ISB received some 4.12 million manat as calendar payments in 2013.
Participants of ISB are 12 companies namely, Pasha Sigorta, Ateshgah Sıgorta Shirketi, Standard Insurance, AtaSıgorta, Xalq Sıgorta, AXA MBASK, Azsıgorta, Alfa Sıgorta, the Azərsıgorta State commercial insurance company, Meqa Sıgorta, İpek Yolu Sıgorta and Azerbaycan Senaye Sıgorta.
The Compulsory Insurance Bureau was established in Azerbaijan in accordance with the law on 'Compulsory types of insurance' which regulates four types of compulsory insurance such as real estate, liability of owners of vehicles (CTP), passenger insurance and civil liability insurance in the operation of real estate. The insurance companies started the application of the law from December 16, 2011.
The official exchange rate on Jan.23 is 0.7843 AZN/USD.
Translated by L.Z.
Edited by S.M.
