Azerbaijan Insurance Industry – Governance, Risk and Compliance
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Azerbaijan Insurance Industry Regulation Overview
The Ministry of Finance (MoF) regulates the Azerbaijan insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS) and the Azerbaijan Insurers Association (Azerbaijan Sığortaçılar Assosiasiyası – ASA).
The Azerbaijan insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · The Ministry of Finance (MoF)
· International Association of Insurance Supervisors (IAIS) · Azerbaijan Insurers Association (Azerbaijan Sığortaçılar Assosiasiyası – ASA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
Enquire & Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase. |
Azerbaijan Insurance Industry – Key Regulators and Legislation
Ministry of Finance (MoF): The Ministry of Finance is the central executive authority responsible for regulating and supervising the Azerbaijani insurance industry. The MOF establishes a rapidly responding and transparent regulatory system and deals with the renewal, registration, modification, cancellation, and withdrawal of an insurance contract. It also regulates funds invested by insurance companies, among all its other functions.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The legislations regulating the Azerbaijan insurance industry are:
- The Insurance Activity Law of the Republic of Azerbaijan 2007
- Auditors’ professional liability insurance
- Civil Code of Azerbaijan 1999
- Law on Compulsory Insurance 2011
- Law on Agriculture Insurance 2020
Buy the Full Report for More Insights on Key Regulators in the Azerbaijan Insurance Industry
Azerbaijan Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Azerbaijan insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Compulsory Insurances in Azerbaijan
Buy the Full Report for More Compulsory Insurance Insights into the Azerbaijan Insurance Industry
Azerbaijan Insurance Industry - Company Registration and Operation
In Azerbaijan, both insurers and intermediaries are required to mandatorily obtain a license to operate insurance activities and intermediary activities respectively. To underwrite, advertise, and sell insurance products in the country, insurers, and reinsurers need to be authorized by the Ministry. Insurers are only permitted to operate within those classes for which they have been granted a license.
Buy the Full Report to Learn More About Company Registration and Operation in the Azerbaijan Insurance Industry
Azerbaijan Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Azerbaijan. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Corporate income tax is imposed on a company’s operating profits. Any company incorporated in Azerbaijan is considered a resident company. Resident companies are subject to tax on their global income, whereas non-resident companies are taxed only on their income generated in Azerbaijan.
Buy the Full Report to Learn More about the Taxation Policies in the Azerbaijan Insurance Industry
Scope
This report provides:
- Details of the insurance regulatory framework in Azerbaijan.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations for the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Azerbaijan.
- Track the latest regulatory changes and expected changes impacting the Azerbaijan insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices about various types of insurance products.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Azerbaijan.
- Track the latest regulatory changes and expected changes impacting the Azerbaijan insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices about various types of insurance products.
Table of Contents
Table
Figures
Frequently asked questions
-
Which is the key regulator of the Azerbaijan insurance industry?
The Ministry of Finance (MoF) is the key regulator of the Azerbaijan insurance industry.
-
Which other bodies oversee the Azerbaijan insurance industry?
The International Association of Insurance Supervisors (IAIS) and the Azerbaijan Insurers Association (Azerbaijan Sığortaçılar Assosiasiyası – ASA) are the regulatory and supervisory bodies that oversee the operations of the Azerbaijan insurance industry.
-
Which are the compulsory insurances required within the Azerbaijan insurance industry?
A few of the compulsory insurances required within the Azerbaijan insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
-
What are the taxes imposed upon the Azerbaijan insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Azerbaijan. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.