The law will oblige insurance companies to publish financial reports in a timely manner.
Turan was told by the Advisor to the Chairman of the Board of Directors of the Financial Markets Supervision Authority (FIMSA) Rufat Abbasov.
He noted that, after making appropriate changes in legislation the insurance companies will be required to publish quarterly reports on their official websites.
“Currently, insurance companies send monthly reports to FIMSA and we, in turn, inform the media about it. Now according to the law, the insurance companies are obliged to publish their annual reports, following the approval by the audit. After amending the legislation, all will change,” Abbasov said.
It should be noted that at present the vast majority of insurance companies do not publish financial reports on their official websites. This makes it impossible to learn their financial condition. ====71D
Economics
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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
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According to data from the Baku City Statistical Department, the retail trade turnover in Azerbaijan’s capital, Baku, increased by 5% year-on-year from January to November 2024, reaching 31.6 billion manats. This growth reflects the steady recovery of the economy and consumer confidence amid broader market stability.
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