OFFICIAL DOCUMENTS


DECREE OF PRESIDENT OF THE AZERBAIJAN REPUBLIC
ON APPLICATION OF THE LAW OF THE AZERBAIJAN REPUBLIC “ON AMENDMENTS AND SUPPLEMENTS IN THE LAW OF THE AZERBAIJAN REPUBLIC “ON INSURANCE”

With a view of maintenance of application of the Law of the Azerbaijan Republic “On amendments and supplements in the Law of the Azerbaijan Republic “On insurance” in connection with the introduction of the given Law, I, hereby, decree:

1. To charge the Cabinet of the Azerbaijan Republic in a month:

1.1. to present to the President of the Azerbaijan Republic the offer on bringing of the existing acts in conformity with the Law of the Azerbaijan Republic “On amendments and supplements in the Law of the Azerbaijan Republic “On insurance”;

1.2. to provide bringing the normative-legal acts of the Cabinet of the Azerbaijan Republic and relevant executive powers in conformity with the given Law and to inform on it the President of the Azerbaijan Republic;

1.3. to establish as agreed with the President of the Azerbaijan Republic the Articles 8 stipulated by the point 5 and point 11 of the Article 35 of the Law of the Azerbaijan Republic “On insurance ” credit ratings;

1.4. to prepare and submit to the President of the Azerbaijan Republic the proposals concerning the executive powers which is carrying out on the Articles 8 stipulated by the point 5 of the given Law of power “relevant executive power”;

1.5. to prepare and submit to the President of the Azerbaijan Republic the project of rules of realization in conformity with the point 6 of Article 8 of the Law of the Azerbaijan Republic “On insurance” the control over conformity of the property put in the authorized capital of the insurer, a market price;

1.6. within the limits of the powers to solve other questions stemming from the Law of the Azerbaijan Republic “On amendments and supplements in the Law of the Azerbaijan Republic “On insurance ”.

2. To establish that powers of “relevant executive power” stipulated by Articles 8-5 and Article 35-11 of the Law of the Azerbaijan Republic “On insurance” are carried out by the Cabinet of the Azerbaijan Republic.

3. The present Decree inures from the date of publication.

Ilham Aliyev,

President of the Azerbaijan Republic.

Baku, August 3 2004.

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