LAW OF THE AZERBAIJAN REPUBLIC

of February 24, 2015 No. 1209-IVQD

About introduction of amendments to the Law of the Azerbaijan Republic "About compulsory insurance of professional responsibility of the auditor"

Being guided by Item 27 of part I of article 94 of the Constitution of the Azerbaijan Republic, for the purpose of application of the Law of the Azerbaijan Republic "About introduction of amendments to the Law of the Azerbaijan Republic "About compulsory insurance" of June 20, 2014 the Majlis of the Azerbaijan Republic decides Millie's No. 1000-IVQD:

In the Law of the Azerbaijan Republic "About compulsory insurance of professional responsibility of the auditor" (Collection of the legislation of the Azerbaijan Republic, 2007, No. 8, Article 747; 2008, No. 11, Article 960) to make the following changes:

1. In Article 2.1 after the words "About Insurance Activity"," to add with the words "About Compulsory Insurance",".

2. At the end of Article 5.2.6 to replace point with semicolon and to add with Article 5.2.7 of the following content:

"5.2.7. the insurer has no right to refuse the conclusion of the contract of compulsory insurance with person which has insurance interest and addressed for insurance of the corresponding risks.".

3. Add with Article 9.3-1 of the following content:

"9.3-1. If the insurer does not pay insurance indemnity during term, the stipulated in Clause 9.3 presents of the Law, then it pays penalty in the amount of 0.1 percent from the amount of insurance indemnity for each overdue day.".

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