Regulatory Alerts2025-08-08
Law of the Republic of Azerbaijan on Compulsory Insurance
The Republic of Azerbaijan enacted this law to establish the general principles, procedures, and licensing requirements for compulsory insurance types, including real property, motor vehicle civil liability, and passenger personal accident coverage. It mandates the use of electronic insurance certificates and cashless premium payments, while defining the rights and obligations of insurers, policyholders, insured persons, and beneficiaries. The legislation further standardizes damage assessment, compensation calculations based on health or property impairment, and the Central Bank's regulatory oversight to ensure financial stability across all compulsory insurance contracts.
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