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LAW OF THE AZERBAIJAN REPUBLIC

of June 18, 2002 No. 344-IIQ

About stimulation of insurance in agricultural industry

(as amended on 28-12-2018)

This Law establishes legal and economic basis of stimulation of proprietary insurance of producers of agricultural products, irrespective of pattern of ownership, in the Azerbaijan Republic, governs the relations between participants of insurance.

Section I. General provisions

Article 1. Purpose of stimulation of insurance in agricultural industry

The purpose of the Law consists in stimulation of development of insurance in the agrarian sector with ensuring participation of the state in proprietary insurance of agricultural producers from natural disaster and strengthening of economic bases of guarantee of compensation of the damage caused to the insurer from insured events.

Article 2. The legislation on stimulation of insurance in agricultural industry

2.1. The legislation on stimulation of insurance in agricultural industry consists of this Law, the Civil code of the Azerbaijan Republic, the Law of the Azerbaijan Republic "About insurance activity" and the regulatory legal acts adopted according to them.

2.2. The relations in the field of stimulation of insurance in agricultural industry in the Alyatsky free economic zone are governed according to requirements of the Law of the Azerbaijan Republic "About the Alyatsky free economic zone".

Article 3. Objects of proprietary insurance in agricultural industry

Valuable interests in connection with products of the crops which were not exposed to genetic modification, farm animals, poultry, rabbits, fur wild animals, colonies, and also buildings, structures, constructions, the equipment, machines, vehicles and other property of agricultural purpose belong to objects of insurance (except for the invaluable and fast-wearing-out objects and products of natural mowings).

Article 4. Subjects of proprietary insurance in agricultural industry

Supervision bodies behind the financial markets, the insurers performing according to the legislation of the Azerbaijan Republic activities in insurance field, insurers and other legal entities and physical persons which are carrying out the obligations following from insurance contracts treat subjects of proprietary insurance in agricultural industry.

Article 5. Insured events

5.1. All objects of insurance in agricultural industry are, as a rule, insured against such natural disasters as the fire, hail, flood, flood, hurricane, frost and defeat by lightning, earthquake, landslide, drought on bogharic lands, and also products of the agricultural plants which were not exposed to genetic modification, farm animals, poultry, rabbits, fur wild animals, colonies - respectively against distribution and invasion of especially dangerous wreckers, infectious diseases, and the building, structures, constructions, the equipment, machines, vehicles of agricultural purpose - against emergency cases.

5.2. By insurance contracts also other types of insured events can be provided.

Article 6. Insurance premium, insurance rates and insurance sum

6.1. Insurance rates on proprietary insurance in agricultural industry are established by the insurer taking into account insured events.

6.2. No. 151-VQD is excluded according to the Law of the Azerbaijan Republic of 04.03.2016

6.3. The insurance premium assessed under the agreement shall be paid within one month from the date of the conclusion of the agreement.

6.4. The discount is provided to the insurer who was consistently insuring the property within at least three years, however did not receive insurance payment in this time when charging insurance premium the next years in the amount of: for the fourth year - 10 percent, for the fifth year - 20 percent, for the term of over five years - 30 percent.

6.5. According to the insurance contract the insurance sum is determined on the agricultural plants which were not exposed to genetic modification - in the amount of at least 70 percent of cost of products, on farm animals, poultry, rabbits, fur wild animals, colonies at legal entities - in the amount of at least 80 percent of their book value, and at physical persons - of at least 80 percent of their market price, on buildings, structures, constructions, the equipment, machines, vehicles and other property of agricultural purpose - in the amount of full amount of market value of property.

Section II. Regulation of the insurance relations in agricultural industry

Article 7. Proprietary insurance forms in agricultural industry

7.1. Proprietary insurance in agricultural industry is performed in voluntary form.

7.2. Conditions and rules of conducting insurance are established according to the legislation the insurance contract signed between the insurer and the insurer.

Article 8. Tasks of the state in the field of stimulation of insurance in agricultural industry

8.1. In the field of stimulation of insurance in agricultural industry treat tasks of the state:

8.1.1. establishment of types of property which insurance is given government assistance, insured events and the part of insurance premium paid for the account of budgetary funds;

8.1.2. No. 151-VQD is excluded according to the Law of the Azerbaijan Republic of 04.03.2016

8.1.3. preparation and approval of conditions, rules of rendering government assistance to insurance;

8.1.4. payment at the expense of budgetary funds of part of the insurance premium assessed according to insurance contracts;

8.1.5. accounting of insurers on the insurers conducting insurance work at the expense of government assistance.

8.2. Tasks of the state in the field of stimulation of insurance in agricultural industry perform relevant organs of the executive authority within the powers.

Article 9. Obligations of the insurer and insurer

9.1. Obligations of the insurer and the insurer are performed according to the procedure, established by the relevant legislation of the Azerbaijan Republic.

9.2. If during insurance validity the property right, uses and leases to the property which is insurance subject passes to other person, the rights and obligations of the insurer also pass to this person.

Section III. Financial aid to stimulation of insurance in agricultural industry

Article 10. General rules of financial assistance to stimulation of insurance in agricultural industry

10.1. Types of agricultural property to which insurance financial aid is provided and insured events, and also the part of insurance premium paid for the account of budgetary funds are established by relevant organ of the executive authority.

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