LAW OF THE AZERBAIJAN REPUBLIC

of October 29, 2013 No. 806-IVQD

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, Millie decides Majlis of the Azerbaijan Republic:

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) to make the following changes:

1.1. In numbers of Chapters to replace figure "I" with figure "1", to replace figure "II" with figure "2", to replace figure "III" with figure "3", to replace figure of "IV" with figure "4", to replace figure "V" with figure "5", to replace figure "VI" with figure "6", to replace figure "VII" with figure "7", to replace figure of "VIII" with figure "8", to replace figure "IX" with figure "9", to replace figure "X" with figure "10", to replace figure "XI" with figure "11", to replace figure "XII" with figure "12", figure "XIII" to replace with figure "13", figure "XIV" to replace with figure "14", to replace figure of "XV" with figure "15".

1.2. In Articles 1.1. 1, 19.2. 1, 29.1. 15, 37.2. 4, 41. 110.1.1 and 123.1 words "legislation" to replace 2, with the word "law".

1.3. In Articles 29.1. 5, 41. 77.3 and 95.2 word to "legislation" to replace 1, with the word to "law".

1.4. Under Article 1:

1.4.1. in Article 1.1.3 "legislation" shall be replaced with words the word "the laws on compulsory insurance";

1.4.2. in Article 1.1.6 to "legislation" to replace the word with the word to "laws";

1.4.3. in Article 1.1.7 to exclude in the first case of the word "insurance or", after the word "having" to deliver comma;

1.4.4. to exclude the words "according to the insurance legislation" from Article 1.1.12, words "prepared... in other procedure provided by the insurance legislation" shall be replaced with words "accepted... body of insurance supervision according to article 16.5 of this Law, taking into account requirements of the Civil code of the Azerbaijan Republic and this Law";

1.4.5. in Article 1.1.14 of the word "according to the insurance legislation... the insurance contract" shall be replaced with words "to the insurance contract in case of voluntary insurance, and in case of compulsory insurance - to the laws on compulsory insurance";

1.4.6. in Article 1.1.15 of the word "the legislation, or the agreement" shall be replaced with words "the laws on compulsory insurance on compulsory insurance, the insurance contract on voluntary insurance";

1.4.7. in Article 1.1.19 of the word "to the legislation or" shall be replaced with words "on compulsory insurance - the laws on compulsory insurance, on voluntary insurance -";

1.4.8. in Article 1.1.20 "legislation" shall be replaced with words the word "The civil code of the Azerbaijan Republic, this Law, the laws on compulsory insurance";

1.4.9. in Article 1.1.21 of the word "to the legislation..., and also" shall be replaced with words "to the laws on compulsory insurance or";

1.4.10. in Article 1.1.25 "legislation" shall be replaced with words the word "this Law";

1.4.11. in Article 1.1.31 of the word "founded according to the legislation" shall be replaced with words "created in limits";

1.4.12. in Articles 1.1.34 and 1.1.35 "legislation" to replace the word with the word "laws";

1.4.13. at the end of Article 1.1.42 to replace point with semicolon and to add with Article 1.1.43 of the following content:

"1.1.43. the financial sphere - for the purpose of this Law banking sector, the sector of insurance, securities and the pension funds.".

1.5. Under Article 2:

1.5.1. in Article 2.1 to replace the word "legislations" with the word of "laws";

1.5.2. in Article 2.2 of the word "corresponding to the insurance legislation... on regulation of the insurance market" shall be replaced with words "on regulation of the insurance market in the cases provided by the Civil code of the Azerbaijan Republic, this Law and the laws on compulsory insurance".

1.6. Under Article 3:

1.6.1. in Article 3.2 of the word "the insurance legislation" shall be replaced with words "The civil code of the Azerbaijan Republic, this Law and the laws on compulsory insurance";

1.6.2. in Article 3.3 of the word "If in compliance... The law does not apply other" shall be replaced with words "Taking into account Article 16.5... Law";

1.6.3. in Article 3.4 of the word "Except for stipulated by the legislation cases... obligatory" to replace with the word of "obligatory".

1.7. State Article 4.1 in the following edition:

"4.1. Use in the name of the words "insurance" and "reinsurance", words, derivative of them, and also their transfer in other languages (except cases when in clear form the fact that this word does not belong respectively to activities for insurance, reinsurance or insurance mediation follows from the text in which they are used), and the words "insurance broker" and "insurance agent", and also their transfer in other languages - in any cases, persons who are not engaged in noted types of activity as core activity is forbidden.".

1.8. Under Article 5:

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