Pasa Heyat Sıgorta chosen SOCAR's insurer

SOCAR fully insured all its employees on mandatory insurance and disability resulting from occupational diseases and industrial accidents, SOCAR vice-president on economic affairs Suleyman Gasimov said.

"Pasa Heyat Sıgorta life insurance company was chosen as SOCAR's insurer," he said. "The insurance company and SOCAR have signed a memorandum of understanding."

He said that the company was chosen because it is the largest and most flexible.

There are only three life insurance companies that are licensed to provide services for compulsory insurance and disability resulting from occupational diseases and accidents at work - Atesgah Heyat, Qala Heyat and Pasha Heyat in Azerbaijan.

The law on compulsory insurance against disability resulting from occupational diseases and accidents at work has been applied since December 2010.

The law regulates and sets the basis of legal, economic, institutional relations in the field of compulsory insurance of citizens from the loss of occupational disability as a result of industrial accidents and occupational diseases.

The Azerbaijani insurance companies' premiums for compulsory insurance and disability resulting from occupational diseases and industrial accidents was 8.708.684.95 manat in January-April 2011 or 46.13 percent over than in January-March.

The head of the State Insurance Supervision Service at the Ministry of Finance Namig Khalilov earlier said that about 100,000 people have been already insured for this type of insurance.

"The insurance companies receive appeals on the insurance cases," he said. "The payments have been made. It testifies to the fact that this type of insurance works."
There are 28 insurance and one reinsurance company in Azerbaijan.

SOCAR is the State Oil Company of Azerbaijan. SOCAR's oil and gas enterprises produced 7.28 million tons of oil and more than 7 billion cubic meters of gas in 2010.


/Trend/