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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Azerbaijan Caspian Shipping Company (ASCO) has resumed regular cargo and passenger transportation after severe weather conditions disrupted operations in the Caspian Sea, the company said on Monday.
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Azerbaijan can overcome the so-called "middle-income trap" by increasing investments, improving the investment environment, and enhancing knowledge and skills, Deputy Minister of Economy Samad Bashirli said in Baku at the presentation of the World Bank’s Global Report World Development Report – 2024 (WDR).
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Countries in Europe and Central Asia must not only attract investment but also actively adapt and disseminate technology to ensure sustainable economic growth, according to Ivailo Izvorski, Chief Economist for the region at the World Bank. Speaking at the presentation of the World Development Report 2024, Izvorski highlighted structural issues that are slowing down private sector development.
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Azerbaijan is now among 54 middle-income countries, said Shahmar Movsumov, Head of the Department for Economic Affairs and Innovative Development Policy at the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku.
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