Regulatory Alerts2023-08-11
Law of the Republic of Azerbaijan on State Compulsory Personal Insurance of Military Personnel
The President of the Republic of Azerbaijan enacted this law to establish a state compulsory personal insurance system covering the life and health of military personnel. It mandates a fixed coverage sum of 11,000 manat with premiums set at one percent, funded annually from the state budget and paid quarterly by designated policyholders. The legislation defines qualifying insurance events, including death and service-related disabilities or injuries, specifies corresponding indemnity percentages, and establishes oversight mechanisms, tax exemptions, and dispute resolution procedures.
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