Regulatory Alerts2024-01-30
Minimum Professional Liability Insurance Limits for Insurance Brokers
The Management Board of the Central Bank of Azerbaijan issued Resolution No. 01/3-4 to establish mandatory minimum professional liability insurance limits for all licensed brokers. The resolution sets a 200,000 manat coverage threshold for individual brokers and a 1,000,000 manat threshold for legal entity brokers. These requirements align with national insurance legislation and central bank authority to guarantee adequate financial protection against professional claims.
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