Regulatory Alerts2019-09-01
Approval of Regulatory Acts on Compulsory Insurance for Occupational Disability from Industrial Accidents and Diseases
The Collegium of the Ministry of Finance of Azerbaijan issued Decision No. Q-10 on December 21, 2012, approving three regulatory acts that establish detailed calculation methods and procedural rules for compulsory insurance premiums and agreements related to occupational disability from industrial accidents and diseases. The approved rules mandate specific actuarial formulas for calculating net annuity premiums, define the mandatory content and execution procedures for annuity agreements, and prescribe an 8% annual interest rate for determining total insurance amounts. Furthermore, the decision repeals a prior 2010 order and instructs relevant state departments to register these acts within three days while entrusting execution oversight to a deputy minister.