Regulatory Alerts2021-09-20
On the Approval of the Content and Form of the Compulsory Insurance Contract for Occupational Disability or Death Resulting from Industrial Accidents and Occupational Diseases
The Board of Directors of the Central Bank of Azerbaijan issued Decision No. 23/3 on August 31, 2021, approving the standardized content and form of the compulsory insurance contract for occupational disability or death resulting from industrial accidents and occupational diseases. The decision mandates that insurers and policyholders utilize the approved contract template to define insured categories, premium calculation methods, beneficiary rights, claim procedures, and termination conditions in strict compliance with relevant Azerbaijani laws. It further requires the Legal Department to register the decision with the Ministry of Justice within three days, thereby establishing a unified regulatory framework for compulsory occupational insurance coverage across the country.