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.

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

Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.

11.10.2018

TOP EVENT

HOEPKE, Munich Re: I expect at least a stable renewal round in 2019

After severe storm damage in Japan and the United States, Munich Re is looking with a little more optimism to the next renewal season. "I expect at least a stable renewal round in 2019," Board member Doris HOEPKE said in Baden-Baden. Until recently the reinsurer's expectations were leaning towards a stagnant season.

22.10.2018

photodune-3834701-laughing-girl-xs

Five new XPRIMM insurance reports on the Baden Baden stands

Five new titles are available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.

21.10.2018

See all