LAW OF THE AZERBAIJAN REPUBLIC

of June 20, 2014 No. 1001-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, for the purpose of approval of the Law of the Azerbaijan Republic "About insurance activity" with the Law of the Azerbaijan Republic "About modification of the Civil code of the Azerbaijan Republic" of October 29, 2013 the Majlis of the Azerbaijan Republic decides Millie's No. 804-IVQD:

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) to make the following changes:

1. In Article 1.1.6 of the word "the obtaining right..." shall be replaced with words compensations "it shall be issued... compensation".

2. Add with Article 2.3 of the following content:

"2.3. Except as specified when the laws on compulsory insurance provide excellent provisions, the relations following from implementation of types of compulsory insurance are regulated by this Law and the Civil code of the Azerbaijan Republic.".

3. Add with Article 82.2-2 of the following content:

"82.2-2. In the guarantee agreement on provision of intermediary services signed between the insurer and insurance agent the following is reflected:

82.2-2.1. number and date of the guarantee agreement;

82.2-2.2. name and address of the insurer;

82.2-2.3. if the insurance agent is physical person - its surname, name, middle name, the residence, series and number of the identity certificate, series and license number and INN;

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