Regulatory Alerts2023-09-25
Law of the Republic of Azerbaijan on State Compulsory Personal Insurance of Diplomatic and Administrative Service Employees
Issued by the President of Azerbaijan, this Law establishes a state compulsory personal insurance system covering life and health for diplomatic service employees and administrative and technical personnel stationed in Azerbaijani diplomatic missions and consulates. It mandates policyholders to pay quarterly premiums calculated at 0.3 percent of fixed coverage amounts ranging from 4,400 to 11,000 manat, which fund lump-sum indemnities for death or varying degrees of disability and injury. The legislation defines strict procedures for claims processing, requiring insurers to disburse benefits within ten working days while outlining specific grounds for refusal and mechanisms for managing insurance reserves from state budget allocations.
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