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    Azerbaijan develops a proposal to expand the scope of compulsory insurance

    Only 1/10 of real estate in the country brought to compulsory insurance

    Baku. 2 July. REPORT.AZ/ Bureau of Compulsory Insurance (BCI) developing a package of proposals to introduce certain changes in the existing legislative framework, which could be tabled in the winter session of Milli Majlis (Azerbaijani Parliament). Report informs, Executive Director of BCI, Elkhan Guliyev said.

    E.Guliyev noted that, all the proposals are based on the experience of developed countries and affected, including the issues of expanding the coverage of compulsory insurance as vehicles and real estate, "According to statistics, in 2013, the country has more than 3 million. The real estate units of which is only 8-10% drawn to the compulsory insurance. "

    Along with this, the head of the BCI emphasized the existence of problems in the sphere of compulsory motor insurance, "According to recent statistics, in the country registered 1,245,000. cars. In the Information System Office civil liability insurance of vehicle owners' covers only 50%. This is a very low figure. The main aim of BCI is to bring this figure up to 90-95%. For works in this direction, preparing the proposals we have adopted 3-year program, whose main aim is to expand the scope of compulsory insurance. In the next 2-3 years we will have to bring the coverage of compulsory insurance as vehicles and real estate to 90%."

    Guliyev also emphasized the possibility of increasing the amount of fines for non-compulsory insurance of vehicles and real estate. According to him, although the size of the penalty for lack of compulsory insurance for car owners increased from 10 to 50 manats in the future, this amount may increase again.

    "The experience of neighboring countries shows that in Azerbaijan, the amount is not very high. For example, in Georgia, the penalty for lack of compulsory insurance for car owners is 200 USD", said the executive director.

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