Regulatory Alerts2019-09-01
Approval of Insurance Rules for Full Automobile Insurance for Individuals
The Collegium of the Ministry of Finance of the Azerbaijan Republic has approved mandatory insurance rules for full automobile insurance provided to physical persons, establishing comprehensive definitions, contract formation procedures, risk classes, and early termination mechanisms. The decision repeals a prior regulatory paragraph, mandates submission to the State Register of Legal Acts within three days, and sets January 1, 2015 as the effective date for specific tariff provisions. It legally binds all insurers operating in Azerbaijan to apply these standardized conditions when issuing voluntary automobile insurance policies to individuals.
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