Tougher controls of the MTPL insurance in Azerbaijan

The Azeri Financial Market Supervisory Authority (FIMSA), Ministry of Internal Affairs (MIA) and Compulsory Insurance Bureau (CIB) have concluded an agreement for exchanging information on the MTPL insurance.

The three entities have signed an agreement which provides for an information exchange framework on the MTPL policies' existence verification, mostly by comparin the MIA and CIB databases regarding the vehicles in use and those covered by a MTPL policy. 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, mews.az repots quoting FIMSA.

Notably, according to Article 469.3 of the Administrative Offences Code, the use of a vehicle without the compulsory MTPL policy entails a fine of AZN 50 for physical persons and AZN 300 for legal persons.

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

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