Regulatory Alerts2024-01-30
Regulation on the Use of Assets Accumulated in the Prevention Fund Created by Insurers
The Central Bank of the Republic of Azerbaijan issued this regulation to standardize how insurers deploy assets accumulated in their prevention funds for compulsory insurance. The rule authorizes these reserves to finance public awareness campaigns, risk mitigation proposals, and emergency response equipment. Insurers must submit monthly electronic reports detailing fund balances and expenditures by insurance type, which require board chairman approval and filing within five working days of each month.
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