Compulsory Insurance Bureau to be established in Azerbaijan

Compulsory Insurance Bureau will be created in Azerbaijan, deputy finance minister Azer Bayramov said during discussion of draft law on compulsory insurances held at the Parliament.

To him, if earlier it was considered in the draft law to establish Bureau of Motor Insurance, after the proposals of the MPs it had been decided to rename this structure with Compulsory Insurance Bureau and this issue had been reflected in the mentioned draft law.

Bayramov said that the draft law included issues of organization and principles of the Bureau. Bureau should be established within 30 days after publication of the law. The draft noted that the contributions to the office will 5% of compulsory insurance policies.


/APA/