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The Central Bank of the Republic of Azerbaijan maintains state regulation and supervision of the insurance sector in accordance with Article 95 of the Law of the Republic of Azerbaijan on Insurance Activity.
Professional participants of the insurance market include insurers, reinsurers, insurance intermediaries, actuaries, independent auditors, independent experts and legal entities engaged in ancillary insurance.
The Central Bank of the Republic of Azerbaijan maintains the register of insurers, insurance intermediaries, including foreign insurers and foreign insurance brokers, their representative offices in the Republic of Azerbaijan, actuaries, as well as legal entities engaged in ancillary insurance and relevant independent experts in accordance with Article 95.3 of the Law of the Republic of Azerbaijan on Insurance Activity.
An actuary is the specialist who determines the grounds for calculation of insurance fees and calculates reserves for insurance by means of economic – mathematical calculations
