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, 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.

Related articles



BB Headlines: Rates are settled to increase following Q3 events

The main effect after the Q3 nat cat bill of over USD 100 billion: Global reinsures said - the "discounts and reductions in tariffs era" especially in European reinsurance market for the January 2018 renewals, will come to end. At the same time, some reinsurers might disappear and there are likely to be more mergers, acquisitions and run-offs processes.



Baden-Baden Reinsurance Symposium: the industry-wide impact of disruption

"In our business we are more than used to disruptions [...] But the pace of disruption has been amplified by new sources of data and by the increase in the power to collate this data", James NASH, the President, International of GUY Carpenter stated during his opening address at the Reinsurance Symposium in Baden-Baden on 22 October.


The 9th International Istanbul Insurance Conference started today in Istanbul

In emerging markets like Turkey, there can be a significant difference between the insured and total insurable losses. Parametric insurance is a smart way to close this protection gap. While the traditional products cover an insured loss, parametric products provide financial protection for various expenses from financial liabilities to contingent loss of profit which, in return, decreases the economic loss burden following a CAT event.


See all