Information on the "Regulation on maintaining the register of professional participants of the insurance market"

21-10-2024

Baku, October 21, 2024: The Central Bank of the Republic of Azerbaijan continues to implement the strategy of development of the insurance sector in accordance with the set goals. One of the strategic priorities is the adaptation of the insurance legislation to the advanced international practices and current requirements. In this context, recently a number of legislative acts have been amended in order to strengthen the protection of consumers of insurance services.

In accordance with the amendments to the Law of the Republic of Azerbaijan "On Insurance Activity" dated July 6, 2023, new requirements for independent experts have been introduced to strengthen their role in ensuring fair treatment of policyholders in providing insurance services. In addition, the rules for training and qualification of independent experts, other professional requirements and conducting exams have been adopted.

To further strengthen the financial stability of the insurance sector, a new regulatory framework for insurers' reinsurance policies and operations has been created. The new requirements will ensure more efficient and reliable reinsurance operations.

In this regard, it was necessary to adapt the rules for keeping the register of professional participants of the insurance market to the aforementioned amendments to the legislation, as well as to the requirements of the present time. According to the legislation, the Central Bank of the Republic of Azerbaijan keeps the 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 performing auxiliary activities in the field of insurance. The rules for keeping the register shall be established by the Central Bank.

In this regard, in accordance with the amendments to the "Regulation on maintaining the register of professional participants in the insurance market", the list of documents required for inclusion of independent experts in the Register has been supplemented in certain areas, and the list of such documents related to other entities has been improved. The Regulation also contains the grounds for removing independent experts from the Register.

In order to effectively organize the registration procedure, the documents to be submitted to the Central Bank by the professional participants of the insurance market have been supplemented with other requirements regarding the terms of examination of the documents, the grounds for refusal of registration in the Register, the right of related entities to appeal against the decisions of the Central Bank and other requirements arising from the Law of the Republic of Azerbaijan "On Administrative Proceedings". Also, the content of the register data kept by the Central Bank in the form of tables has been expanded and the tables have been updated.