Compulsory Insurance Bureau was established and exists as a union of legal entities in accordance with the Civil Code of Azerbaijan Republic and subject to the requirements of the Law of Azerbaijan Republic "On Compulsory Insurance" with the purpose of protection of interests of insured persons and third parties who suffer damages and losses, as well as for the purpose of stabilization and development of the compulsory insurance system and fulfillment of duties prescribed by the Law. Foundation meeting of Compulsory Insurance Bureau was called by State Insurance Supervisory Service of Ministry of Finance of Azerbaijan Republic in accordance with clause 3.1.12 of the Decree of the President of Azerbaijan Republic dated September 15, 2011 “On Application of the Law of Republic of Azerbaijan dated June 24, 2011, No. 165-IVQ On Compulsory Insurance”. Insurance companies whose total capital will be in compliance with the legislation requirements after paying participation fee, according to the Article 28.3, and security deposit according to the Article 30.1.1 of the Law of Azerbaijan Republic "On Compulsory Insurance" were invited to participate in the foundation meeting. An insurance company intending to obtain a permission for implementation of and dealing with any type of compulsory insurance provided for by the Law of Azerbaijan Republic "On Compulsory Insurance" shall be a member of Bureau and make a security deposit in an amount specified for relevant type of compulsory insurance. Participants of Compulsory Insurance Bureau are authorized to offer the following compulsory insurance services: • Compulsory real property insurance • Compulsory third party liability insurance of motor vehicles • Compulsory third party liability insurance associated with the use of the real property • Compulsory personal accident insurance of passengers • Compulsory insurance against professional disability resulting from industrial accident and occupational disease
