Regulatory Alerts2019-09-01
Approval of Regulatory Acts on Compulsory Insurance for Occupational Accidents and Diseases
The Collegium of Azerbaijan’s Ministry of Finance issued Decision No. Q-10 on December 21, 2012, approving three regulatory acts that establish calculation methods and contractual procedures for compulsory annuity insurance covering loss of working capacity due to occupational accidents and diseases. The decision mandates precise actuarial formulas for determining net annuity premiums, total insurance amounts based on an 8% annual interest rate, and standardized contract terms governing conclusion, execution, amendment, and termination. It simultaneously repeals a prior 2010 order and assigns implementation oversight to Deputy Minister Azər Bayramov, with legal registration required within three days.
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