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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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