Important info about mandatory car insurance from Central Bank

10:26 - 17 January 2023

January 17, Fineko/ The Central Bank of Azerbaijan (CBA) has presented a new requirement to insurance companies that carry out compulsory car insurance.

ABC.AZ reports that by CBA chairman Taleh Kazimov’s decision, the amendments were made to the "Additional requirements for granting permission for compulsory insurance", approved on 4 February 2022.

Under the amendment, in order to obtain permission to carry out compulsory car insurance, insurance companies must have the opportunity for policyholders to conclude a corresponding compulsory insurance contract through the official website.

That is, he must fulfill the technical requirements associated with this.

According to the decision, insurance companies were given a 10-day period to fulfill the requirements.