Governance, Risk and Compliance – The Azerbaijani Insurance Industry

Date: 2015-11

“• The Azerbaijani insurance industry is regulated by the Ministry of Finance.

• Up to 30% foreign direct investment is permitted in the Azerbaijani insurance industry.

• The following classes of insurance are compulsory in Azerbaijan: motor third-party liability, workers’ compensation, passenger insurance for public transport and real estate insurance.

• Composite insurance is not permitted in Azerbaijan.

• Non-admitted insurance is prohibited in Azerbaijan. However, reinsurance can be placed with registered foreign reinsurers.”

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