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Insurance Companies of Azerbaijan were called for Active Participation in the Establishment of the Labor Protection Fund

Day.Az reports that according to Salim Muslimuv, the Minister, the Ministry of Labor and Social Protection of the Population of Azerbaijan keeps on negotiations with the insurance companies (IC) of Azerbaijan to establish the Labor Protection Fund.
Insurance Companies of Azerbaijan were called for Active Participation in the Establishment of the Labor Protection Fund

According to the Minister, establishment of the Fund is provided for by the Labour Code and would enable significant improvement of the labour protection area in Azerbaijan.

“There is an applicable law on compulsory insurance against occupational accidents and occupational diseases in Azerbaijan, but this law implies that the insurance should be provided by insurance companies licensed to perform such activities, rather than by the state. Therefore, we keep on negotiations with insurance companies to establish the Fund. I think that the progress in this issue will be made in the near future,” the Minister said.

Muslimov mentioned that insurance entities should take an active part in the establishment of the Labor Protection Fund.

"I believe this system should be established in Azerbaijan, and insurance companies operating in this area should contribute to the establishment of this Fund. This will also allow the insurance companies to participate in the operation of the Fund and monitor the Fund’s deductions. I also believe that a part of the income of insurance companies should be sent to this Fund," Muslimov said.

There are currently three insurance companies providing mandatory insurance against occupational accidents in Azerbaijan, they are Ateshgah Life, Qala Life and PASHA Life.

According to the Financial Market Control Chamber of Azerbaijan, the ICs collected 33.17M AZN of premiums for insurance against occupational accidents with payments of 4.23M AZN in 2017. In January 2018, fees and payments for this type of insurance amounted to 1.77M AZN and 446.7K AZN, respectively.

Source: https://news.day.az/economy/981560.html

Photos from: https://smolensk-i.ru/authority/shtat-mku-stroitel-v-smolenske-zhdyot-sokrashhenie_133384

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