Azerbaijan tightens control over compulsory insurance contracts

Baku. 2 June. REPORT.AZ/ Financial Market Supervisory Authority (FIMSA), Ministry of Internal Affairs (MIA) and Compulsory Insurance Bureau (CIB) have signed an agreement on exchange of information on compulsory insurance agreements regarding vehicles, which are in use of physical and legal persons, as well as on compulsory insurance agreements.

Report informs citing FIMSA.

According to information, agreement defines regulations of exchange of information on verification of compulsory insurance agreements between MIA and CIB information systems regarding the vehicles in use.

The vehicles, which have no compulsory insurance agreement will be revealed through radars and the owners will be fined in accordance with the current legislation.

Notably, according to Article 469.3 of the Administrative Offences Code, physical persons are fined in the amount of 50 AZN, legal persons 300 AZN for use of vehicles, which have no compulsory insurance agreement.

Currently, insurance amount makes 5.000 AZN for damage to property on compulsory insurance of vehicle owners' civil liability, on damage to a person's life and health 5.000 AZN.