Regulatory Alerts2023-08-09
Law of the Republic of Azerbaijan on Compulsory Insurance against Loss of Occupational Capacity due to Labor Accidents and Occupational Diseases
The Republic of Azerbaijan enacted this law to mandate compulsory insurance for workers and other eligible individuals, covering financial compensation for loss of occupational capacity or death caused by labor accidents and occupational diseases. It requires employers to contract with licensed insurers, pay risk-based premiums calculated on the wage fund, and ensure timely indemnity or annuity payments to insured persons and their dependents. The legislation standardizes risk assessment, contract formation, and claims processing by defining the rights of policyholders, beneficiaries, and insurers while placing regulatory oversight under the Central Bank and the Compulsory Insurance Bureau.
Share