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 July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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