Law on Compulsory insurance to come into force soon in Azerbaijan

Soon, the law on Compulsory Insurance will be ratified by Azerbaijani President Ilham Aliyev and come into force, finance minister Samir Sharifov said at the II International Insurance Forum held in Baku.

To him, for the first time it is planned to establish compulsory insurance bureau for protection of rights of insured persons in Azerbaijan: “Organization of Compulsory Bureau and issues on working principle have been reflected in the law. The bureau must be founded within 30 days after the publication of the law. Contributions to the office will be 5% of compulsory insurance premiums”.

Sharifov said that if earlier the receipt of insurance payments by the heirs received was delayed for several months, after the approval of the law heir will be able to get the money faster by presenting the document belonging to this family.

According to words of the minister, the law also provides compulsory insurance to real estate and cars: “The Citizen, the insurance company can get a guarantee of AZN 25 by paying for the apartment AZN 50 per year."


/APA/