of December 18, 2018 No. 1400-VQD
About modification of the Law of the Azerbaijan Republic "About insurance activity"
Being guided by Item 27 of part 1 of article 94 of the Constitution of the Azerbaijan Republic, Millie decides Majlis of the Azerbaijan Republic:
Bring in the Law of the Azerbaijan Republic "About insurance activity" (Collection of the legislation of the Azerbaijan Republic, 2008, No. 3, Article 144, No. 7, Article 602; 2009, No. 7, Article 517; 2011, No. 1, Article 11; 2013, No. 12, Article 1470; 2014, No. 7, Articles 771, 779; 2015, No. 11, Article 1263; 2016, No. 3, Article 410, No. 6, Article 976; 2017, No. 7, Articles 1286, 1294, No. 12, book I, Article 2221; 2018, No. 7, Article 1392) following changes:
1. add Article 96-1 - 96-9 following contents:
"Article 96-1. The measures applied to the insurer for the purpose of recovery of financial position and the lost capital
96-1.1. The supervision body behind the financial markets applies to the insurer to recovery of financial position of the insurer and the lost measure capital, the stipulated in Article 96-1.2 presents of the Law, in the following cases:
96-1.1.1. if from the reports submitted by the insurer in supervision body behind the financial markets, and (or) the facts received by supervision body behind the financial markets and supported by the documents it is determined that the amount of the aggregate capital of the insurer is less than amount of its necessary capital;
96-1.1.2. if the insurer did not fulfill completely the obligations before insured, insured, beneficiaries, supervision body behind the financial markets, Bureau of Compulsory Insurance and other persons, and also other obligations, stipulated by the legislation, is consecutive within 3 months and within 30 days after the prevention issued by supervision body behind the financial markets about it the obligation specified in the prevention will not be completely fulfilled.
96-1.2. The measures applied to the insurer for the purpose of recovery of financial position and the lost capital consist in the following:
96-1.2.1. in reclamation of preparation and application of the rehabilitation plan;
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