Central Bank of Azerbaijan warns insurers

16:26 - 3.08.2022


August 3, Fineko/abc.az. The insurer cannot refuse to conclude a contract with a person who has applied to him regarding compulsory insurance of motor vehicle owner’s civil liability, ABC.AZ reports, quoting CBA general director Ziya Aliyev.

The insured has the right to demand to provide him with the results of insurer’s assessment of the damage caused.

"If the insured does not agree with the amount of payment established by the insurer regarding the damage caused to him, he has the right to demand an independent examination. The injured party, after assessing the damage within 7 working days after providing the last of the required documents in connection with the incident, must demand payment of insurance compensation according to the amount of damage caused. If payment has not been made during this period, a penalty may also be claimed for each overdue day. Ensuring all these rights of the insured is the responsibility of the insurer," Aliev stressed.

Aliyev points out that in case of violation by insurers of the terms of the contract with insured persons, the latter have the right to apply to the CBA, adding that about 3,000 people apply to the CBA on this issue every year.

The general director noted that the law equally defines the rights of insured and insurers:

"The insured should also know that the insurer, when concluding a contract with the insured, may require inspection of the property, providing the necessary documents related to it. In addition, all conditions must be created for the insurer when assessing damage during the incident. The insurer has the right to assess the damage itself, or through auxiliary legal entities or experts."

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