The State Insurance Supervision Service in terms of organization will become more mobile. Since the beginning of next year to budget money (this year allocated 325 256 manats ) on a quarterly basis will be a surcharge of 0.3 % of premiums on insurance and reinsurance from foreign markets by each insurance company.
This is one of the innovations in the law of Azerbaijan "On insurance activity". According to the head of service Namik Khalilov, the change is due to the need to promote and encourage the process of insurance in the country. The legislative framework is defined as follows: additional revenue can be spent on additional staff incentives, the expansion of the material- technical base, retraining staff, participation in international conferences, seminars, trainings and courses.
The amendments also gave the supervisory authority the right to grant financial assistance to public and non-governmental organizations to implement activities to promote security in the country. - 17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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