Azerbaijani President Ilham Aliyev on Wednesday signed a decree on ensuring the activities of the State Agency for Compulsory Medical Insurance.
According to the decree, the powers of the founder of the State Agency for Compulsory Medical Insurance (hereinafter simply the Agency) are assigned to the President of Azerbaijan and the Agency itself.
The President of Azerbaijan has authority to approve the charter, determine the size of the statutory fund and annual financial statements; to establish an executive body, determine its powers and their early termination; to give consent to establish or participate in economic companies and institutions, establishment of branches and representative offices; to give consent to conclude transactions for more than 25 percent of the value of net assets, as well as transactions amounting to five or more percent of assets; reorganization and liquidation of the Agency.
The Agency is entrusted with the authority to determine the direction of development and approve the structure.
The primary statutory fund of the Agency is formed at the expense of the state budget and is four million manat.