To insurance companies who wish to join the Bureau:

In order to obtain the authorization to provide types of compulsory insurance as specified in the Law On Compulsory Insurance, the insurance company shall become a member of the “Compulsory Insurance Bureau” and shall comply with the following requirements as per the below sequence.

1. to submit to the State Insurance Control Service the formal application for the receipt of the preliminary consent of the State Insurance Control Service for the proposed types of compulsory insurance;

2. Following the receipt of the preliminary consent of the State Insurance Control Service shall, in parallel, carry out the following:

2.1. Upon receipt of the preliminary consent of the State Insurance Control Service to submit to the Bureau a formal application accompanied by the preliminary consent. The following documents shall be attached to the application:
1) A copy of the preliminary consent of the State Insurance Control Service as indicated in clause 2;

2) extract from the register of the commercial legal entities;

 2.2. Applicant shall transfer a participation fee (AZN 200.000) to the relevant bank account of the Bureau;

2.3. Applicant shall transfer the security deposit applicable upon the proposed types of the compulsory insurance to the relevant bank account of the Bureau.

Note: The amount of the security deposit to be provided as a one off payment by the applicant for the membership in the Compulsory Insurance Bureau shall be as follows for the relevant types of the compulsory insurance:

  • For compulsory insurance of immovable property – 100.000 (one hundred thousand) manats;
  • For compulsory insurance of third party liability associated with the use of the immovable property – 100.000 (one hundred thousand) manats;
  • For compulsory insurance of third party liability of owners of motor vehicles – 200.000 (two hundred thousand) manats;
  • For compulsory personal accident insurance of passengers – 200.000 (two hundred thousand) manats.

3. The insurer shall become a member of the Bureau with effect from the date of submission of documents evidencing the payment of the participation fee and of the security deposit to the Bureau and shall be included by the Bureau into the register of insurers.

4. Within one day, the Bureau shall issue to the participating insurer an extract from the register.

5. The insurer shall submit a formal application to receive the permission to engage into the relevant types of compulsory insurance, accompanied by the extract referred to in clause 4, to the State Insurance Control Service.

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