Regulatory Alerts2025-08-08
Law of the Republic of Azerbaijan on Insurance Activity
The Parliament of the Republic of Azerbaijan enacted this law to establish the legal and economic framework governing insurance market development, professional participants, and regulatory supervision. It mandates that insurers, reinsurers, and intermediaries obtain Central Bank licenses to conduct compulsory or voluntary insurance, defines core financial obligations like required capital and solvency, and standardizes contract types, risk distribution, and corporate naming conventions. The legislation further protects policyholder data through strict insurance secret provisions, clarifies the legal status and corporate governance of insurers, and outlines operational rules alongside compulsory state insurance exemptions.
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