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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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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Turkey aims to achieve carbon neutrality by 2053, transforming key sectors of its economy in line with a vision of "net-zero emissions and green development," President Recep Tayyip Erdogan announced at COP29 in Baku on Monday.
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