The insurers must be registered in accordance with provisions of the present Law and shall act based on their Regulations or Charters. The insurers can't be involved in productive, trade-intermediary and banking activity. According to legislation of the Azerbaijan Republic the insurers might establish unions, associations and other companies for co-ordination of their activity, protection of interests of their members and implementation of joint programmes. These unions themselves have no right to carry out insurance activity. After the registration in the State insurance control body insurers' unions act as legal entities based on their Charters.
Insurance agent represents the insurer.
He works for payment within the limits of authority given by the insurant. Insurance broker is an independent intermediary registered as legal entity or businessman in an order envisaged by the present Law. Coinsurance Object of the insurance might be insured by several insurers based on single agreement. Terms defining rights and obligations of each insurer are specified in this agreement. The insurer which has concluded agreement with the reinsurer is fully responsible for its obligations to the insurant.