Governance, Risk and Compliance - The Azerbaijani Insurance Industry

Published: Dec, 2016 | Pages: 39 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's 'Governance, Risk and Compliance - The Azerbaijani Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Azerbaijan.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
Summary
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Azerbaijan, including:

• An overview of the insurance regulatory framework in Azerbaijan.

• The latest key changes, and changes expected in the country's insurance regulatory framework.

• Key regulations and market practices related to different types of insurance product in the country.

• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Azerbaijan.

• Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

• Details of the tax and legal systems in the country.
Scope
• The report covers details of the insurance regulatory framework in Azerbaijan.

• The report contains details of the rules and regulations governing insurance products and insurance entities.

• The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

• The report provides details of taxation imposed on insurance products and insurance companies.
Reasons To Buy
• Gain insights into the insurance regulatory framework in Azerbaijan.

• Track the latest regulatory changes, and expected changes impacting the Azerbaijani insurance industry.

• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

• Understand key regulations and market practices pertaining to various types of insurance product.
Key Highlights
• The Azerbaijani insurance industry is regulated by the Ministry of Finance.

• Up to 30% foreign direct investment is permitted in the Azerbaijani insurance industry.

• The following classes of insurance are compulsory in Azerbaijan: motor third-party liability, workers' compensation, auditor's professional liability insurance, passenger insurance for public transport and real estate insurance.

• Composite insurance is not permitted in Azerbaijan.

• Non-admitted insurance is prohibited in Azerbaijan. However, reinsurance can be placed with registered foreign reinsurers.

 Table of Contents
1 INTRODUCTION 
1.1 What is this Report About? 
1.2 Definitions 
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution 
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance 
2.3.1 Life Insurance 
2.3.2 Property Insurance
2.3.3 Motor Insurance 
2.3.4 Liability insurance 
2.3.5 Marine, aviation and transit insurance 
2.3.6 Personal accident and health insurance 
2.4 Compulsory Insurance
2.4.1 Real estate insurance 
2.4.2 Motor third-party liability insurance
2.4.3 Passenger insurance in respect of all public transport by road, air, rail or sea 
2.4.4 Workers' compensation insurance
2.4.5 Auditors' professional liability insurance 
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 The Ministry of Finance 
2.5.3 Azerbaijan Insurers Association (Azerbaijan S??ortac?lar Assosiasiyas? - ASA) 
2.6 Non-Admitted Insurance Regulation 
2.6.1 Overview 
2.6.2 Intermediaries 
2.6.3 Market practices 
2.6.4 Fines and Penalties 
2.7 Company Registration and Operations 
2.7.1 Type of insurance organization 
2.7.2 Establishing a local company 
2.7.3 Foreign ownership 
2.7.4 Types of license
2.7.5 Capital requirements 
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations 
2.7.9 Statutory return requirements 
2.7.10 Fee structure 
2.8 Taxation 
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax 
2.8.4 VAT
2.8.5 Captives 
2.9 Legal System
2.9.1 Introduction 
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR) 
3 APPENDIX
3.1 Methodology 
3.2 Contact Timetric 
3.3 About Timetric
3.4 Timetric's Services 
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Azerbaijan - Insurance Regulatory Framework Key Features
Table 3: Azerbaijan - Life Insurance Regulatory Framework 
Table 4: Azerbaijan - Property Insurance Regulatory Framework
Table 5: Azerbaijan - Motor Insurance Regulatory Framework 
Table 6: Azerbaijan - Liability Insurance Regulatory Framework
Table 7: Azerbaijan - Minimum Capital Requirements
Table 8: Azerbaijan - License Fees 
Table 9: Azerbaijan - Corporate Tax Rates for the Financial Year 2016