RESOLUTION OF THE CABINET OF MINISTERS OF THE AZERBAIJAN REPUBLIC

of March 4, 2004 No. 23

About approval of the Regulations on rules of allocation and payment of financial aid on stimulation of insurance in agricultural industry

For the purpose of ensuring execution of the sixth paragraph of Item 1 of the Decree, the President of the Azerbaijan Republic "About enforcement of the Law of the Azerbaijan Republic "About stimulation of insurance in agricultural industry" of October 5, 2002 the No. 793 Cabinet of Ministers of the Azerbaijan Republic decides:

1. Approve "Regulations on rules of allocation and payment of financial aid on stimulation of insurance in agricultural industry" it (is applied).

2. This resolution becomes effective from the date of signing.

Approved by the Resolution of the Cabinet of Ministers of the Azerbaijan Republic of March 4, 2004 No. 23

Regulations on rules of allocation and payment of financial aid on stimulation of insurance in agricultural industry

1. General provisions

This Provision is developed according to the Presidential decree of the Azerbaijan Republic "About enforcement of the Law of the Azerbaijan Republic "About stimulation of insurance in agricultural industry" of October 5, 2002 No. 793 and determines rules of allocation and payment of financial aid on stimulation of insurance in agricultural industry.

2. Allocation of financial aid on stimulation of insurance in agricultural industry

2.1. Financial aid in agricultural industry is allocated for stimulation of insurance in the amount of the part of insurance premium paid at the expense of budgetary funds, established for this purpose by the Cabinet of Ministers of the Azerbaijan Republic.

2.2. Stimulation of insurance in agricultural industry is performed within the financial aid provided in the Law of the Azerbaijan Republic "About the government budget of the Azerbaijan Republic".

3. Payment terms of financial aid on stimulation of insurance in agricultural industry

3.1. Financial aid on stimulation of insurance in agricultural industry is issued in the following cases:

if the agreement on insurance is signed according to the legislation;

if types of insurance property and insured events, and also the part of insurance premium paid at the expense of budgetary funds do not differ from the types and rates approved in the appropriate order;

if the agreement on insurance provides payment of the part of insurance premium which is not paid at the expense of budgetary funds by insured;

in the presence of the document confirming payment having on the insurance premium insured parts under the agreement on insurance;

The paragraph of the sixth is cancelled according to the Resolution of the Cabinet of Ministers of the Azerbaijan Republic of 30.08.2016 No. 322

if the agreement on insurance is signed after receipt of shoots on acreage depending on total area of crops, and in the sadakhposl of disclosure of kidneys on fruit trees;

if agricultural producers record about the cultivated area, production and turnover of property.

4. The organization of issue of financial aid on stimulation of insurance in agricultural industry

4.1. The financial aid allocated for stimulation of insurance in agricultural industry accumulates on the special account created under the Ministry of Finance of the Azerbaijan Republic and is paid to the relevant insurers based on the agreements on insurance corresponding to statutory rules.

4.2. In case of issue of financial aid on stimulation of insurance in agricultural industry the Ministry of Finance:

4.2.1. checks reliability of the data specified in the agreement on insurance and payment documents on insurance premium;

4.2.2. will request from the documents confirming the property right or uses of the insurer;

4.2.3. receives from insurers of the copy of agreements on insurance and documents on payment of insurance premium under the agreement on insurance, and also the survey references for calculation of the amount of financial aid constituted on their basis;

4.2.4. signs with insurers contracts for rendering insured financial aid on payment of insurance premium.

4.3. Insurers in writing warn insured about the size of the part of insurance premium paid at the expense of budgetary funds.

4.4. The parties which signed the agreement on insurance (the insurer and insured), shall notify in stipulated by the legislation time the Ministry of Finance on early agreement cancelation.

Insurers submit in the Ministry of Finance the report on use of the allocated financial aid according to the legislation of the Azerbaijan Republic. The remained unused part of the financial aid which is saved up on the special account created under the Ministry of Finance upon termination of year returns to the government budget.

Use of the financial aid allocated for stimulation of insurance in agricultural industry on other purposes is not allowed.

4.5. The Ministry of Finance exercises control of correctness of calculation of the amount of financial aid on proprietary insurance in agricultural industry, its target use and submission of reports.

Note. Changes the Provision are made to the presents according to the Item 2.6-1 "Regulations on Procedure for Preparation and Adoption of Regulatory Legal Acts of Executive Bodies", No. 772 approved by the Presidential decree of the Azerbaijan Republic of August 24, 2002.

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