Insurance Supervision to Become More Mobile in Azerbaijan
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-
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- Economics
- 31 October 2013 14:42
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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