AZERBAIJAN: CIB: Compulsory insurance discounts lead to systemic problems

The Bureau reports that compulsory insurance contracts in the country are registered on the basis of insurance premiums, established by the Financial Market Supervision Authority on each of the types of compulsory insurance, and any deviation from these tariffs are inadmissible.

"However, in some cases, when citizens buy of compulsory insurance policy the insurance mediator (agent) offers various discounts on insurance premiums. Basically, such cases occur in the sphere of compulsory insurance of motor vehicle owner's civil liability. CIB informs insurance agents and citizens that application of any discounts on pre-set insurance premiums when concluding contract is illegal and, ultimately, may lead to violation of the rights of insurers," CIB said in a statement. Read the full story

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