Regulatory Alerts2023-04-25
Additional Requirements for Issuing Permits for Maintaining Compulsory Insurance Types
The Central Bank of the Republic of Azerbaijan issued Resolution No. 04/1 to establish additional requirements for insurers obtaining permits to maintain compulsory insurance types under the national Compulsory Insurances Law. The regulation mandates that insurers maintain operational branches or representative offices with damage regulation capabilities across specified economic regions, while requiring their electronic information systems to integrate with the Compulsory Insurance Bureau via web-service and enabling online contract conclusion for vehicle owners’ compulsory civil liability insurance. Existing insurers must align their branch locations within six months and update their official website technical capacities for vehicle liability permits within ten days of the regulation's effective date.