LAW OF THE AZERBAIJAN REPUBLIC

of June 27, 2019 No. 1618-VQD

About introduction of amendments to the Law of the Azerbaijan Republic "About insurance activity"

Millie Majlis of the Azerbaijan Republic, being guided by Item 15 of part I of article 94 of the Constitution of the Azerbaijan Republic, decides:

Article 1. 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, Articles 1286, 1294, No. 12 (book I), Article 2221; 2018, No. 7 (book I), Article 1392; 2019, No. 1, Articles 19, 33, 50, No. 5, Articles 793, 815; The Law of the Azerbaijan Republic of May 30, 2019 No. 1596-VQD) to add Articles 1.1.2-1, 1.1.2-2 and 1.1.3-1 of the following content:

"1.1.2-1. joint insurance - the system of the relations based on payment of insurance premiums for the account of means of joint insurance fund, distribution of risks, including the income and losses suffered by fund;

1.1.2-2. fund of joint insurance - the amount of the means paid by physical persons and legal entities for the purpose of insurance of valuable interests of these persons on the basis of joint insurance and also allocated for this purpose from the government budget;"

"1.1.3-1. the co-insurer - the insurer having only the license for activities on the basis of joint insurance;".

Article 2. This Law becomes effective since January 1, 2020.

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