CBA approves innovative option for compulsory motor insurance

By Trend

The Central Bank of Azerbaijan (CBA) has approved an innovation on compulsory motor insurance, Trend reports citing a source in the country's insurance market.

CBA Governor Taleh Kazimov approved the "Regulating payments between insurers regarding compensation for damage to a motor vehicle driven by a car accident victim."

According to the new regulation, the damage to a compulsorily insured motor vehicle will no longer be compensated by the opposite party, but by the insurance company from November 1, 2022.