Control of the troubled insurance companies will be at a higher level than at present. According to the Head of State Insurance Supervision Service under the Ministry of Finance (SISS) Namik Khalilov, this will be possible on the basis of cooperation with the Center of Toronto (Canada) International Seminar.
The week-long event, which ended the day before, in addition to local experts, was attended by those from Canada, Australia, Slovakia, Sri Lanka, and Belarus. As the leading specialist of SISS Orkhan Bayramov told Turan, Azerbaijan seeks important international experience on the best schemes of corporate governance and how to implement it. One of the reasons that could draw a representative group of experts to Baku is that the President of the Centre in Toronto is our countryman, financier Babak Abbaszadeh.
Speaking at a seminar, the known expert Oliver Rijkaard told about the problems in the management of the largest insurance companies in the world, whose budget is 2-3 times higher than the state budget of Azerbaijan, and the level of economic stability for many years is based on three A. According to him, the reliability of insurers requires important a government regulator.
The speakers included the head of SISS Namik Khalilov.
The State Insurance Supervision Service of the Ministry of Finance of Azerbaijan was established by the order of the President of the country on February 9, 2009 and is engaged in the regulation of the insurance market of Azerbaijan. - 17D-
Economics
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The government of Azerbaijan has amended its customs tariffs, reducing import duties on specific bicycle components to support the domestic assembly industry. According to the decision approved by the Cabinet of Ministers on October 31, the updated tariffs will remain in effect until December 31, 2028, allowing local businesses to import key parts at reduced rates or zero duties.
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On September 1, The Cabinet of Ministers of Azerbaijan has implemented new aviation regulations aimed at reinforcing the airworthiness, operational standards, and safety protocols for foreign-registered civil aircraft operating within its airspace. The decision, approved on October 31, establishes comprehensive guidelines for pre-flight checks, essential onboard documentation, and crew requirements, aligning with international standards set by the International Civil Aviation Organization (ICAO).
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A delegation from the State Oil Fund of the Republic of Azerbaijan (SOFAZ), led by the fund’s Executive Director Israfel Mammadov, concluded a working visit to Saudi Arabia. The visit aimed to strengthen strategic partnerships in the international financial market and diversify SOFAZ’s investment portfolio.
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