Throughout 2012 the Bureau of Compulsory Insurance in the form of membership fees, security deposits, and calendar payments have accumulated 9.4 million manat.
As the Executive Director Elkhan Guliyev said, the funds are placed in the form of deposits in nine local banks with better capitalization and corporate governance.
Guliyev said, the law "On compulsory types of insurance," within which the Bureau acts, has been in force from 16 December 2011. The Bureau consists of 12 insurers, and their number could increase this year by a maximum of 2 or 3 in the case of a positive response to the application.
The main function of the Bureau is implementation and administration of compensation payments to certain financial fund, which will be made through the payment of compensation. Compensation will be made in the event of bankruptcy of insurance companies - members of the Bureau. - 17D-
Economics
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The Islamic Development Bank (IsDB) is stepping up its efforts to mobilize Islamic banking resources in the fight against climate change, President of the IDB Muhammad Sulaiman Al Jasser said on Thursday during a roundtable at COP29.
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Climate change poses a serious risk to global economic and financial stability, said Bo Li, Deputy Managing Director of the International Monetary Fund (IMF), at the event titled "Global Financial System: Scaling Up Climate Action Financing" held as part of COP29.
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Azerbaijan's banking sector has unveiled a comprehensive set of initiatives aimed at bolstering sustainable development, according to Zakir Nuriyev, President of the Azerbaijan Banks Association (ABA). Nuriyev outlined the plans during the second panel of the "Global Financial System: Expanding Climate Finance" event.
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Azerbaijan remains steadfast in its commitment to developing a sustainable green economy, according to Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA). Speaking at the COP29 event on Thursday titled “Global Financial System: Scaling Up Finance for Climate Action,” Kazimov emphasized the country's strategic focus on green development as part of its broader socio-economic agenda for 2030.
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