Regulatory Alerts2019-09-01
Decision No. Q-01 and Q-03 on Approval and Repeal of Normative Acts for Mandatory Insurance Implementation
The Ministry of Finance of Azerbaijan issued Decisions No. Q-01 and Q-03 to implement the Law "On Mandatory Insurance" by approving eleven new normative acts, repealing four existing orders, and amending the certificate form for vehicle civil liability insurance. These decisions establish detailed Rules for forming life and non-life insurance reserves, defining their composition, calculation methodologies (including actuarial methods, triangle method for IBNR, and RBNS), and reporting requirements. The Ministry mandates strict compliance through designated department heads, state registration within three days, and ongoing supervisory oversight by Deputy Minister A. Bayramova to ensure market stability and accurate reserve provisioning.
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