BAKU, Azerbaijan, December 27. President of the Republic of Azerbaijan Ilham Aliyev has approved a law amending the laws "On Social Insurance," "On Medical Insurance," and "On Unemployment Insurance", Trend reports.
The document states that the insurer must pay the law's insurance contributions in full and simultaneously with wage payments by the 15th of the following month or the 20th of the month after each quarter. Contributions must be made within 30 days of the date listed on the relevant application (certificate), but not later than the deadline set by law for sending reports in the format decided upon by the relevant executive authority. This is also true if the insurer temporarily stops doing business in Azerbaijan or its activities end.
The law applies to insurance premiums for life insurance and pension insurance contracts signed after January 1, 2025.
For non-state insurers, the social insurance contribution exemption is only valid until January 1, 2025. It applies to contributions paid within three years of life and pension insurance contracts signed before that date, as long as the term has not expired during that time.
The social insurance contribution exemption only applies to payments made before January 1, 1995, for life and pension insurance contracts signed before that date, as long as the 3-year term has ended by that date. This does not apply to insurers that are not part of the non-state sector.
The law will come into effect on January 1, 2025.
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