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

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

AZERBAIJAN: the insurance market in 2018 may reach AZN 600 million

The Azeri market will continue to grow in 2018 according to the Chairman of the Mediator Committee of the Azerbaijani Insurers Association (ASA), Hayal MAMEDHANLI. Based on his opinion, the market may reach AZN 600 million this year (AZN 30 million more than in 2017).

2018-09-19

ON THE MOVE

IGI appoints its first Chief Technology Officer

International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.

15.11.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all