of January 19, 2016 No. 100-VQD
About introduction of amendments to the Law of the Azerbaijan Republic "About deposit insurance"
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:
In the Law of the Azerbaijan Republic "About deposit insurance" (Collection of the legislation of the Azerbaijan Republic, 2007, No. 2, Article 79; 2009, No. 6, Article 400) to make the following changes:
1. Exclude Article 2.1.2. 1, 2.1.2.9 and 2.1.2.10.
2. In Article 14.1 in the first offer of the word "for payment of compensations" shall be replaced with words "in the cases established by this Law", in the second offer of the word "0, 2 percentage" - the words "0, 1 percentage".
3. In Article 15.2 of the word "by the work of insurance premiums … on 1/360 part of discount rate of the Central bank" shall be replaced with words "in the amount of 0,5 of percent of insurance premiums".
4. To state the text of Article 17 in the following edition:
"17.1. If liquid (quickly converted into cash) assets of Fund fell to the last accounting period lower than 1 percent of the protected deposits or there was probability of lack of means for payment of compensations, the Board of trustees makes the decision on attraction of borrowed funds by Fund.
17.2. In case of the appeal of Fund behind borrowed funds in the Central bank, the last can issue to Fund the credit provided with the state guarantee. Central Bank no later than the working day following behind day of receipt of such address provides to relevant organ of the executive authority written information on receipt of the address. The relevant organ of the executive authority no later than 10 working days makes the decision on provision of the state guarantee. According to the decision on provision of the state guarantee the Central bank no later than 10 working days issues to Fund the credit on the conditions approved with relevant organ of the executive authority.".
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