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LAW OF THE AZERBAIJAN REPUBLIC

of June 27, 2019 No. 1617-VQ

About agrarian insurance

This Law according to Item 27 of part I of article 94 of the Constitution of the Azerbaijan Republic governs the relations connected with insurance by means of the mechanism of solidary risks insurance in the agrarian sector, determines legal, economic and organizational basis of agrarian insurance in the Azerbaijan Republic.

Chapter 1. Basic provisions

Article 1. Basic concepts

1.1. For the purposes of this Law the following concepts are used:

1.1.1. system of agrarian insurance - the system of the relations which is based on transfer and distribution of risk of the producer of agricultural products and products of aquaculture (further - the producer of agricultural products) in the field of protection of valuable interests on the basis of voluntary insurance, the stipulated in Clause 4.1 presents of the Law;

1.1.2. body of agrarian insurance - the non-commercial legal entity performing activities for system of agrarian insurance according to article 8.2 of this Law;

1.1.3. managing structure - the solidary insurer exercising control of system of agrarian insurance upon name of body of agrarian insurance;

1.1.4. the agrarian intermediary insurer - the local legal entity performing insurance activity in the territory of the Azerbaijan Republic according to the Law of the Azerbaijan Republic "About insurance activity" and being the shareholder of managing structure;

1.1.5. the independent expert - the physical person performing assessment of insurance risks and (or) damage, and also investigating insured events;

1.1.6. agrarian insurer - the physical person or legal entity which is producer of agricultural products which valuable interests are insured on system of agrarian insurance;

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