International Insurance Company (IIC) has confirmed compliance with the international standard ISO 9001:2008.
As reported in its press release, the compliance audit conducted by experts of SGS - the world's leading inspection, verification and certification. The audit was conducted on May 15-16.
This is the third certificate of compliance with the international standard ISO 9001:2008, the first two issued in 2006 and 2009.
The company's network-auditor SGS, founded in 1878, has more than 1 thousand 350 regional offices and laboratories around the world, with headquarters in Geneva, where he worked for more than 70 thousand employees.
MSC provides insurance services in April 2002.
The only shareholder is the International Bank of Azerbaijan.
The authorized capital is 8.8 million manat.
The company has offices in Baku and three branches - in Ganja, Sumgait and Sheki and provides its customers with 34 types of insurance services. - 17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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