Presentation of the insurers’ certification program on standards of British Charted Insurance Institute was held in Baku. Speaking there, the head of the State Insurance Supervision Service of the Ministry of Finance Namig Khalilov announced plans to change the procedure for licensing of insurance agents and certification of officials in the insurance companies. According to him, the practice is that the licensing of insurance agents is based on tests and in the future it will also focus on the certification, using practices based on the best world experience.
At first, the innovation will be experienced with the students of the Economy University and other specialized higher schools, as well as with starting employees of insurance companies and insurance agents. If successful, this method will be applied in respect of officials of these financial institutions.
Training for certification will begin in November, the head of the Association of Professional Risk Managers (ARPA) Rufat Mahmud said. The first insurers certified by the standards will start operations in December. The cost of the course is 40 manat, the trainings will be conducted by the Association of Insurance Companies of Azerbaijan, and the certification process will be checked by ARPA. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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