The disbanded State Insurance Supervision Service of the Ministry of Finance of Azerbaijan has published the latest results of an independent report on the year.
Last year, cases of evasion of payment by insurers were identified on the cases proved in the amount of 355,000 manats. After examining the complaint the companies had to pay the costs in full.
In addition, checks were carried out of 1 reinsurance company, 1 broker company and 9 insurance companies. The identified deficiencies led to fines in the total amount of 3.7 million AZN.
Last year, the Ministry of Finance represented by the state service issued perpetual licenses of insurance agents to three legal entities and 84 individuals.
Recall, according to the presidential decree, the service functions have been assigned to the Financial Market Control House. --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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