Insurance Companies to Be Liable to Financial Market Supervision Authority
In case the insurers do not fulfill their obligations under the agreements, they will be responsible to the Financial Market Supervision Authority (FIMSA), in addition to the client, the head of the Board of Directors Rufat Aslanli said at a meeting with the heads of insurance companies.
Aslanli stressed that, in order to protect the rights of consumers, insurance contracts must be issued in an absolutely understandable form.
He noted that FIMSA is pursuing the goal of restoring public confidence in the insurance sector and ensuring sufficient capitalization. ----71D
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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