Azerbaijan, Baku, Feb. 9 / Trend U. Ismayilova /
The Azerbaijani Ministry of Finance tightened the rules for keeping the register of professional participants of the insurance market.
Market participants are registered by the State Insurance Supervision Service under the Azerbaijan Ministry of Finance. Insurers and insurance intermediaries join market participants, after obtaining a license to provide insurance services.
According to the changes and additions, market participants must submit the following documents:
- Certificate of registration of legal entities, the position and the document confirming the right to use the office building, approved by a notary;
- a document for foreign insurers and insurance brokers issued by the relevant state body of the country, confirming the state registration and the right to provide appropriate services, as well as documents proving the existence of rating Standard & Poors, Moody's Investors Service, Fitch or AM Best;
- foreign individuals residing in Azerbaijan who act as independent experts, must submit a copy of passport, certificate of registration with the tax authorities of Azerbaijan (only copy of passport - for non-residents who carry out activity in Azerbaijan during the year - up to 90 days).
The rules also included two items - 2.1.7 and 2.1.8. According to them, foreign individuals acting as insurance brokers, must submit copies of passport, a document of the relevant state body, confirming the right to conduct activities of insurance broker, as well as the fact of registration of a physical entity as a taxpayer in accordance with local law.