The collected evidence of bad faith of 63 insurance agents allowed the Finance Ministry to suspend the issued perpetual licenses for a period of 3 months.
As the website of the State Insurance Supervision Service said, they are deprived of the right to mediation from September 3. Recall from January this year 200 representatives of this market segment have been deprived of their licenses. This confirms the words of the head of the Association of Insurers of Azerbaijan Orkhan Bayramov drawing up a "black list" of insurance intermediaries. According to him, such a measure is designed to improve the transparency of information on unreliable entrepreneurs with large receivables to customers and providing false information.
Licenses (including the mentioned 63) on the activities of insurance agents belong to 824 (61 legal entities and 763 natural persons) and 19 insurance brokers (8 legal entities and 11 individuals). --17D-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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