With the expansion of the insurance market, there may increase the amount of membership dues (currently 200,000 manat) and size of deposits for compulsory insurance (from 100 to 200 thousand manat).
As the head of the Bureau of Compulsory Insurance (ISB) Elkhan Guliyev said at the V Azerbaijan International Insurance Forum, this issue has been raised to the level of the Ministry of Finance and the State Insurance Supervision Service in connection with the extensive growth of the level of premiums.
ISB was established in December 2011 in accordance with the law "On mandatory types of insurance." The Act entered into force on 16 December 2011. It applies to five types of compulsory insurance - CTP, compulsory property insurance, liability insurance required in the operation of real estate, compulsory insurance of passengers and compulsory insurance against diseases and accidents at work. ISB participants are 15 companies. - 17D-
Economics
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The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has reported a 3.3% increase in its gold investments compared to last year, according to the fund's investment activity results for the second quarter of 2024. Gold investments now account for $8.57 billion, or 14.8% of SOFAZ's US Dollar Portfolio.
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Azerbaijan's Minister of Digital Development and Transport, Rashad Nabiyev, announced on the social network "X" that during the visit of Israel's Minister of Regional Cooperation, David Amsalem, to Azerbaijan, discussions were held on cooperation in innovation, space, and aviation.
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Azerbaijan is bracing for heightened expectations of currency devaluation as declining oil revenues and mounting inflationary pressures fuel concerns over economic stability, experts warn.
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A delegation led by Azerbaijan's Minister of Economy, Mikayil Jabbarov, met with key Italian officials during an official visit to Italy, highlighting the strong and multifaceted partnership between the two countries.
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