Regulatory Alerts2023-05-16
Law of the Republic of Azerbaijan on Compulsory Insurance of Auditor’s Professional Liability
Enacted by the President of Azerbaijan in May 2007, this statute mandates compulsory professional liability insurance for auditors to cover damages inflicted on audit clients through service failures or errors. It defines specific insurance events, establishes minimum coverage thresholds of 1000 manat for individuals and 3000 manat for legal entities, and requires insurers to disburse approved claims within ten days. The framework delineates insurer and policyholder obligations, introduces a 10% no-claim premium discount, and assigns courts exclusive jurisdiction over unresolved contractual disputes.
Share