24 November 2021, Baku: The officials of the Central Bank, the State Labor Inspection Service and the Compulsory Insurance Bureau (CIB) held an online meeting regarding the new content and format of the ‘Compulsory Insurance Agreement on loss of professional ability as a result of industrial accidents and occupational diseases’.

The event participants were informed on the changes made in the information system of the CBI in accordance with the content and format of the new agreement.

According to approved updates, the insurance agreement is concluded for an indefinite period and acts as a general partnership agreement. An ‘Attachment to the insurance agreement’ is developed per contractual year and all changes related to the insured over the contractual year are documented as an annex to the attachment.

Insurance premiums are paid either lump sum or in installments according to the employer’s financial schedule.

The updates have already been placed on the Labor Agreement Notice sub-system.

To note, you can get acquainted with the videos and the calculator for payment of insurance premiums on the website of the CIB (www.isb.az).

1

56.39 KB