Azerbaijan's Compulsory Insurance Bureau registers new local company
By Trend
The insurance company ‘Bakı Sigorta’ has been put on the register of the Azerbaijani Compulsory Insurance Bureau, Trend reports referring to the bureau.
According to the bureau, the company will provide services in compulsory real estate insurance, civil liability insurance for the operation of real estate, and compulsory motor insurance (OSAGO).
Thus, as the bureau noted, the number of its member insurance companies has reached 16.
From December 16, 2020, in accordance with the decision of the Board of the Central Bank of Azerbaijan (CBA), which is the regulator of the insurance market, the size of the membership fee of the insurer applying for participation in the bureau has been making up 200,000 manat ($117,600).
To date, out of 16 insurance companies licensed to carry out compulsory types of insurance in Azerbaijan, 4 are involved in the field of life insurance, and 12 are in the field of non-life insurance.
(1 USD = 1.7 AZN on Jan.12)
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