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LAW OF THE AZERBAIJAN REPUBLIC

of July 6, 2023 No. 948-VIQD

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

Millie Majlis of the Azerbaijan Republic, being guided by Items 10 and 27 of part I of article 94 of the Constitution of the Azerbaijan Republic, decides:

Article 1. Make the following changes to 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, No. 6, Article 999, No. 8, Article 1362, 2020, No. 7, Articles 822, 830, 2021, No. 6 (Book I), Article 558, No. 8, Article 896, No. 11, Article 1206, No. 12, Articles 1298, 1320; 2023, No. 1, Article 41, No. 2, Article 165):

1.1. replace in preamble the word "systems" with the word of "market";

1.2. Under Article 1:

1.2.1. Repeal Article 1.1.9;

1.2.2. Add with Articles 1.1.9-1, 1.1.9-2 and 1.1.40-1 of the following content:

"1.1.9-1. independent expert activities - the activities performed according to the insurance risks relating to subject of insurance, the damage caused as a result of insured event and (or) investigation of insured event;

1.1.9-2. the independent expert - the physical person or legal entity created in the Azerbaijan Republic, performing independent expert activities;";

"1.1.40-1. admissible and necessary qualities - the civil conscientiousness, honesty and reliability caused by social standing and also the professionalism, experience and goodwill allowing to acquire the rights, provided by this Law;";

1.2.3. In Article 1.1.12 of the word "control facility of the financial market" shall be replaced with words "Central Bank of the Azerbaijan Republic (further - the Central bank)";

1.2.4. In Article 1.1.28 of the word "control facility of the financial market" shall be replaced with words Central bank;

1.2.5. In article 1.1.40 of figure "20" to replace with figures "10";

1.2.6. Add with Article 1.1.41.4 of the following content:

"1.1.41.4. Lack of collusion with persons with whom it has the general interest which is not meeting the requirements established by articles 1.1.41-1.1.43 of this Law;";

1.2.7. In Article 1.1.43 of the word "and pension funds" shall be replaced with words ", the pension funds, and also the sphere of regulation and control of the financial markets";

1.3. Under Article 2:

1.3.1. In Article 2.1 after the words "From the Civil Code" to add with words "From the Law of the Azerbaijan Republic "About the Central Bank of the Azerbaijan Republic";

1.3.2. In Article 2.2 of the word "control facility of the financial market" shall be replaced with words Central bank, in this Article after the words "Civil code" to add the words "About the Central Bank of the Azerbaijan Republic" and to exclude from this Article of the word "and also determination of rules of activities of insurers and insurance intermediaries";

1.4. In Articles 3. 1, 7.2, 16.2, 16.5, third offer of Article 17. 1, Article 17-1. 2, 20.1, paragraph one of Article 23. 1, 35.3, 42.1, Articles 43. 1, paragraph one of Article 43. 4, to 45.1 - 45.4, Article 47, paragraph one of Article 48. 1, to Article 49, paragraph one of Article 50. 1, 51.1, 51.2, to Article 51. 4, first and second offers of Article 51. 5, to Article 51. 7, first paragraph of Article 52. 1, Articles 52.1. 4, 52.1.5, 53.3, 53.4, first paragraph of Article 54. 1, Articles 54.2. 3, 54.4, 55.1, 55.3, 55.4, paragraph one of Article 56. 1, 56.1.4, 60.1, 62.2, 66.1, Articles 66. 3, 66.4, 72.1, first paragraph of Article 72. 6, in the second offer of Article 73. 1, first and second offers of Article 73. 3, Articles 73. 4, 73.6, 73. 7, in heading and the text of Article 76, Articles 77. 3, 77.5, 77.7, 79.2, 79.3, 80.1, 81-2.2, 81-3.1, 81-3.4, to Article 81-3. 6, first paragraph of Article 81-4. 2, to Article 81-4. 4, first paragraph of Article 81-5. 2, Articles 81-5.2. 3, 85.1, 85.2, first and second offers of Article 86. 2, Articles 96-1.1.1 (in both cases), 96-1.1.2 (in both cases), 96-2.1, 96-2.2, the first paragraph of Article 96-3. 1, to Article 96-3. 2, first paragraph of Article 96-4. 1, to Article 96-4. 4, in the first the offer of Article 96-5. 1, the second offer of Article - in Articles 96-5. 2, 96-5.3, 96-5.5, the first offer of Article 96-5.8 (in both cases), the first offer of Article 96-6. 3, Articles 96-6. 6, 96-7.3, 96-8.1, paragraph one of Article 96-9. 1, Articles 96-9.1.1-96-9.1. 3, 96-9.2, 96-9. 3, name of Article 103, first paragraph of Article 103. 1, first paragraphs of Articles 105.1 and 106. 1, 110.1.3, 110.1.4, 111.1 - 111.3, 112.1.2, 114.1, 114.2, 116.1, Articles 116. 4, 117.2, 117.3, second offer of Article 118. 2, Articles 118. 3, 120.2, second offer of Article 122.1 and Articles 123. 2, 126. 2, the 127.3 and 130 words "control facility of the financial market" shall be replaced with words Central bank in the corresponding cases of noun;

1.5. Under Article 4:

1.5.1. In Article 4.1 of the word "and "insurance agent" shall be replaced with words", "insurance agent" and "the independent insurance expert";

1.5.2. In Articles 4.2 and 4.3 of the word "control facility of the financial market" shall be replaced with words Central bank;

1.6. Under Article 5:

1.6.1. replace in the name of the word "system and insurance market" with the words "market and it";

1.6.2. State Article 5.1 in the following edition:

"5.1. The insurance market consists of professional and other participants of the insurance market.";

1.7. State Article 6.2.5 in the following edition:

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