In August 2019, Law No 1617-VQ of the Republic of Azerbaijan, On
Agrarian Insurance, was promulgated. The Parliament passed the Law
pursuant to an authority to establish the framework of banking,
bookkeeping, and insurance. The Law regulates relations upon
insuring farming risks through the mechanism of coinsurance as well
as establishes legal, economic, and organisational bases of
agricultural insurance.
The Law came effective as of 2020, upon which, the 2002 Law of
Stimulating Insurance in Agriculture ceases to have effect.
The system of agricultural insurance is a system of relations
based on transferring and sharing risk in protecting, based on
voluntary insurance, proprietary interests of manufacturers of
produce of agriculture and aquaculture. Proprietary interests in
the following are protected, i.e., subjects of agricultural
insurance:
