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 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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