of November 17, 2017 No. 858-VQD
About introduction of amendments to the Law of the Azerbaijan Republic "About insurance activity"
Being guided by Item 27 of part I of article 94 of the Constitution of the Azerbaijan Republic, in connection with application of the Law of the Azerbaijan Republic "About introduction of amendments to the Tax Code of the Azerbaijan Republic" of December 16, 2016 the Majlis of the Azerbaijan Republic decides Millie's No. 454-VQD:
In the Law of the Azerbaijan Republic "About insurance activity" (Collection of the legislation of the Azerbaijan Republic, 2008, No. 3, Article 144, No. 7, Article 602; 2009, No. 7, Article 517; 2011, No. 1, Article 11; 2013, No. 12, Article 1470; 2014, No. 7, Articles 771, 779; 2015, No. 11, Article 1263; 2016, No. 3, Article 410, No. 6, Article 976; 2017, No. 7, of Article 1286, of 1294) to make the following changes:
1. In Article 6.2.10 of the word "prisoners between the Azerbaijan Republic and other states" shall be replaced with words "The Azerbaijan Republic, the tax and financial data providing exchange" and to exclude from this Article of the word "directly or".
2. Add with Article 17.3 of the following content:
"17.3. When opening the account to clients or provision of financial services by it, the insurer performing activities for accumulative life insurance and (or) annuity insurance shall provide observance of requirements of regulatory legal acts of the Azerbaijan Republic, and also the international treaties of the Azerbaijan Republic providing exchange of tax and financial data and, according to these international treaties, based on requirements of article 76-1 of the Tax Code of the Azerbaijan Republic to provide the information on the financial operations performed by legal entities and physical persons of foreign states in the territory of the Azerbaijan Republic, to authorities of these foreign states.".
President of the Azerbaijan Republic
Ilham Aliyev
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