Amendments to the Law of Azerbaijan "On insurance activity"

Officially , amendments to the Law of Azerbaijan "On insurance activity ".

According to the Decree of the President, insurance and reinsurance activities are regulated by different licenses. Obligatory reinsurance species will deal only members of the Bureau of compulsory insurance. Activists de jure become full " family members " and an integral of the insurance market .

In addition, the Ministry of Finance shall, within 3 months to approve the list of documents for the licensing of insurers , set minimum capital requirements , as well as a list form reporting and forecasting turnover. Decided to require a form of quarterly reporting of insurance agents , the minimum requirements for an electronic information system and web- page of the insurers, the rules of the loan to pay for insurance. The Ministry of Finance should also take instruction on the activities of actuaries , as well as to approve the form and rules required actuarial evidence . List of the most popular types of voluntary insurance shall be submitted to the President.

Cabinet ministers during the quarter to adjust the said law changes to the regulatory framework , to make the administrative responsibility for offenses in this area. In addition, it should develop until March 16 order and the amount of the state fee for the provision of actuarial evidence , presented the project of the President.

The Ministry of Justice is responsible for compliance with legal acts of central bodies of executive power of Azerbaijan changes in the law . - 17D-