A system of electronic licensing of professional participants of the insurance market of Azerbaijan.
As the virtual guide to the local law (http://e-qanun.az/print.php?internal=view&target=1&docid=25824&doctype=0), Minister of Finance of Azerbaijan Samir Sharifov has recently approved the administrative rules of filing appeals and receiving documents to provide special permit (license) for insurance and reinsurance companies, insurance brokers and agents.
Now, insurance and reinsurance companies as well as brokers and other market participants will be able to declare their intent to obtain a license by the Ministry of Finance website (www.maliyye.gov.az) and the State Insurance Supervision Service (www.sigorta.maliyye.gov.az). There are also e-mail these organizations - offise@maliyye.gov.az and sigorta@maliyye.gov.az.
License for a period of 5 years (for the first treatment) is given in two stages - each for a period of 1 month. Perpetual license to conduct professional business shall be issued within 20 working days.
For more information, call (012) 404-46-99 (internal number - 242 and 254).
The amount of state duty for the professional activity of insurers, reinsurers or brokers (legal entities) - 22 AZN for brokers (individuals) - 1 thousand manats. Insurance agents with the status of legal persons pay one thousand manats, individuals - 200 manats. - 17D-
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