LAW OF THE AZERBAIJAN REPUBLIC

of May 6, 2016 No. 229-VQD

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, in connection with application of the Law of the Azerbaijan Republic "About modification of the Civil code of the Azerbaijan Republic" of May 15, 2015 the Majlis of the Azerbaijan Republic decides Millie's No. 1283-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; 2014, No. 7, Articles 771, 779; 2015, No. 11, Article 1263) to make the following changes:

1. In Article 26.1 of the word "Civil code" shall be replaced with words "Article 107.1 of the Civil code".

2. In Article 27.1 after the word "meetings" to add with words "participations of shareholders in vote and procedure for decision making" and the word "provided" shall be replaced with words "cases … provided".

3. In Articles 28.3 (in both cases) and 32.3 (in both cases) "related" shall be replaced with words words "its affiliated".

4. In Articles 30.1.2 and 34.1.7 "connected" to replace the word with the word "affiliated".

5. In the name of Chapter 7 and Article 132 "connected" to replace the word with the word "affiliated".

6. Under Article 68:

6.1. in the name of the word "Connected Faces of the Insurer" shall be replaced with words "Affiliates of the insurer";

6.2. State Article 68.1 in the following edition:

"68.1. Affiliates of the legal entity, stipulated in Clause 49-1.1 Civil codes of the Azerbaijan Republic are considered as affiliates of the insurer.";

6.3. Exclude Article 68.1.1-68.1.4.

7. Under Article 69:

7.1. in the name and Article 69.5 "connected" shall be replaced with words the word "affiliated";

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