The Central Bank of Azerbaijan is preparing changes to the compulsory insurance rules.
“Elchi” reports that Vusal Gurbanov, Director General of the Central Bank of Azerbaijan, stated this to journalists during the XI Azerbaijan International Insurance Forum (AIIF-2026).
According to him, improvement works are currently underway for a number of compulsory insurance types in the country.
Vusal Gurbanov stated that the changes primarily cover compulsory personal accident insurance.
“We are studying international experience and have taken these nuances into account within the framework of the concept being prepared,” he noted.
According to the CBA official, certain amendments to the legislation are also planned regarding the compulsory insurance of civil liability of motor vehicle owners.
Vusal Gurbanov stated that currently, in this type of insurance, the insurance limit set for damage caused to the property of third parties operates on the basis of an automatically renewable mechanism.
“After an insurance payment is made as a result of an incident, the limit does not reset and is restored to its previous level. This is a feature that distinguishes it from other insurance products,” he emphasized.
According to him, in other insurance products, the total insurance limit decreases by the amount of compensation paid after a payment is made.