The Ministry of Finance has defined new rules for insurance activities

The difference between insurance premiums and payments for insurance claims can not be less than 10%, which can be read as - after deducting the share of financial reinsurance, an insurer can not bear the loss of more than 90%.

So says the Ministry of Finance approved the eve AR updated package regulations governing insurance activities in Azerbaijan.

According to the information portal of the State Register of Legal Acts (http://www.huquqiaktlar.gov.az), they identify and formulate the rules for determining the level of losses of insurers, calculate the proportion of foreign capital in the authorized capital of insurers, the rules of the internal audit of insurance companies, and the minimum requirements for external audit in insurance companies.

In addition, the approved rules for filling a special form to obtain a license for the insurance, reinsurance, brokerage and agency activities, the register of professional participants of the insurance market, investment operations of insurers, full coverage car belonging to individuals.

The new rules of the organization also define the certification of senior insurers and persons applying for a license to operate as an insurance intermediary.

Recall the last by-law of the MoF in the field of insurance has been a change in the rules for calculating "annuity funds" and the relevant contract in the application of the law on compulsory insurance of employees against accidents and illness at work. - 17D-