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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Azerbaijan’s Cabinet of Ministers approved a detailed framework for the preparation of sector-specific strategic plans aimed at guiding the country’s economic development over the medium term.
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
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