LAW OF THE AZERBAIJAN REPUBLIC

of February 18, 1997 No. 250-IQ

About social insurance

This Law governs the relations in the field of social insurance, determines legal, economic and organizational basis of social insurance in the Azerbaijan Republic.

Chapter I. General provisions

Article 1. Basic concepts

1.1. The main terms used in this Law have the following values:

1.1.1. social insurance - the providing form directed to compensation of the lost salary, the income or additional expenses of physical persons and also on prevention of their loss, in the cases provided by this Law;

1.1.2. Subsidizing of fees of compulsory national social insurance - the non-paid financial resources paid to insurers (insured) body (organization) determined by relevant organ of the executive authority for the purpose of compensation for the account of means of the government budget of part, the stipulated in Article 14-1 this Law of the fees of compulsory national social insurance paid by insurers (insured);

1.1.3. available funds - the positive balance determined between the income and expenses by semi-annual and annual results of budget implementation of the state Social Security Fund;

1.1.4. investment revenue - difference between the means received as a result of implementation of investing activities and costs for receipt of these means;

1.1.5. case of social insurance - the cases, the stipulated in Article 4 presents of the Law which are the basis for payment of insurance payment to insured person;

1.1.6. the insurer - bodies (organizations) and legal entities determined by relevant organ of the executive authority, performing activities for compulsory national social insurance or voluntary insurance (except for control of calculation and payment of fees on compulsory national social insurance) and exercising control of insurance funds according to the legislation. Azerbaijan Republic;

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