In some instances, insurance companies have delayed or failed to fulfill obligations and process payments for claims, despite significant time passing since the incidents occurred.
According to the Operative Information Center-OMM, Vugar Gulmammadov, Chairman of the Chamber of Accounts, announced these findings during a meeting of the Milli Majlis Committee on Economic Policy, Industry, and Entrepreneurship regarding the 2025 state budget execution.
Gulmammadov noted that 24.5 million manats were spent on mandatory insurance for state-owned property and vehicles financed by the state budget during the reporting year. He emphasized that the Chamber of Accounts will continue to monitor this issue through external state financial control measures. The audit revealed that the requirements of the Law on Mandatory Insurance were violated, as property under the balance of state agencies was not fully insured. Insurance processes were often driven by budget limits rather than risk assessment. Furthermore, compensation mechanisms frequently failed, and in some cases, the state budget incurred redundant expenses for damages to already insured property. The Chamber recommended strengthening risk management mechanisms and increasing oversight of these expenditures.
The Chamber of Accounts of the Republic of Azerbaijan serves as the supreme audit institution, responsible for exercising external state financial control over the execution of the state budget. Its findings are critical for ensuring transparency and fiscal discipline within government agencies, particularly in sectors involving public funds and mandatory insurance schemes.
