In accordance with the amendments made to the Law of the Republic of Azerbaijan “On Insurance Activities” dated July 6, 2023, in order to strengthen the role of independent experts in the provision of insurance services, new requirements for them were introduced, and rules for the training and practice of independent experts were approved.
The Central Bank of Azerbaijan (CBA) told Day.Az that to further strengthen the financial stability of the insurance sector, a new regulatory framework has been created regarding reinsurance policy and reinsurance operations of insurers.
The new requirements ensure more efficient and reliable reinsurance operations.
In this regard, it became necessary to bring the “Procedure for maintaining the register of professional participants in the insurance market” into compliance with the specified legislative changes, as well as with the requirements of the day. In accordance with the legislation, the Central Bank maintains a register of insurers, insurance intermediaries, including foreign insurance brokers, their representative offices in the Republic of Azerbaijan, actuaries, as well as legal entities and independent experts carrying out auxiliary activities in the field of insurance. The rules for maintaining the register are established by the Central Bank.
In this regard, in accordance with the changes made to the “Procedure for maintaining the register of professional participants in the insurance market”, a list of documents required for inclusion of independent experts in the register in certain areas was added, and in relation to other entities the list of these documents was improved. The rule also adds grounds for excluding independent experts from the register.
In addition, in order to effectively organize the procedure for inclusion in the register, deadlines for consideration of documents submitted to the Central Bank by professional participants in the insurance market, grounds for refusal to be included in the register, the right of relevant entities to appeal decisions of the Central Bank and other requirements arising from the law of the Republic of Azerbaijan were added. “On administrative proceedings.” The composition of the register data, which is maintained by the Central Bank in table format, was also expanded and the tables were updated.
The “Procedure for maintaining the register of professional participants in the insurance market” can be found at the following link: