Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

LAW OF THE AZERBAIJAN REPUBLIC

of January 19, 2016 No. 101-VQD

About complete deposit insurance

(as amended on 18-12-2020)

Millie Majlis of the Azerbaijan Republic, being guided by Item 27 of part 1 of article 94 of the Constitution of the Azerbaijan Republic decides:

The relations in the sphere of deposit insurance 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 1. Law purposes

The purposes of this Law are protection of financial stability in the country against the background of the processes happening in global economy, ensuring banking system stability, building confidence of investors in bank system.

Article 2. The used concepts

The concepts used in the Law designate the values provided in the Law of the Azerbaijan Republic "About deposit insurance".

Article 3. Complete insurance of the protected contribution of the protected investor

All protected deposits which percent from the date of entry into force of this Law are in the limits of annual interest rate set by the Board of trustees of Fund of deposit insurance according to article 8.1.20 of the Law of the Azerbaijan Republic "About deposit insurance" irrespective of the amount are subject to complete insurance till April 5, 2021 by the participating banks of Fund having special permission (license) for implementation of banking activity.

Article 4. Receipt of complete insurance coverage

4.1. The deposits of the protected investors existing on the date of entry into force of this Law in the banks having special permission (license) for implementation of banking activity with the interest rates exceeding limit of the interest rates established by the Board of trustees of Fund of deposit insurance based on the address of these investors completely are insured, with introduction according to article 3 of this Law of changes into agreements on deposits which term is not ended.

4.2. In case of modification according to article 4.1 of this Law of agreements on deposits which term is not ended percent are completely charged and paid to the investor in accordance with the terms of the agreement valid on the date of modification.

Article 5. Compensations

5.1. In case of insured event in banks members of Fund of Deposit insurance, compensation on completely insured deposit is paid in 100 percentage size of contribution, without application of the condition provided in article 26.1 of the Law of the Azerbaijan Republic "About deposit insurance".

5.2. Upon completion of the term established in article 3 of this Law, the amount of compensations is determined by completely insured deposits based on article 26.1 of the Law of the Azerbaijan Republic "About deposit insurance".

Article 6. Final provisions

6.1. The relations of investors with Fund of Deposit insurance and participating banks, and also procedure for compensation of compensation on completely insured deposits, considering requirements of this Law, and also questions of informing the public are regulated by the Law of the Azerbaijan Republic "About deposit insurance".

6.2. The relations in the sphere of complete deposit insurance in the Alyatsky free economic zone are governed according to requirements of the Law of the Azerbaijan Republic "About the Alyatsky free economic zone".

President of the Azerbaijan Republic

Ilham Aliyev

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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