966
The Central Bank of the Republic of Azerbaijan maintains state regulation and supervision of the insurance sector in accordance with Article 95 of the Law of the Republic of Azerbaijan on Insurance Activity.
Professional participants of the insurance market include insurers, reinsurers, insurance intermediaries, actuaries, independent auditors, independent experts and legal entities engaged in ancillary insurance.
The Central Bank of the Republic of Azerbaijan maintains the register of insurers, insurance intermediaries, including foreign insurance brokers, their representative offices in the Republic of Azerbaijan, actuaries, as well as legal entities engaged in ancillary insurance and relevant independent experts in accordance with Article 95.3 of the Law of the Republic of Azerbaijan on Insurance Activity.
Unless otherwise provided by the assignment agreement concluded with the insurer, the insurance agent is an individual or a legal person acting as an intermediary in concluding, continuing or renewing insurance contracts on behalf of the insurer and within the powers it issues, as well as intermediating in negotiations between the parties.
An insurance broker is an individual, or legal entity that intermediates on insurance issues, including negotiating, continuing or renewing insurance agreements and allocation of risks; and consults on signing insurance agreements and insurance claims.
