The legislative concept on the financial statements of Azerbaijan Insurers became clearer with the adoption of amendments to the law "On insurance". If before insurance or reinsurance companies and insurance intermediaries passed annual reports to the State Insurance Supervision of the Ministry of Finance within 90 calendar days, and the monthly and quarterly documentation had to be submitted within 20 days, the situation has changed now.
The Ministry of Finance in December 2011 adopted a regulation, according to which the quarterly report is to be submitted to the regulator for 20, and a monthly report - within 10 days. Now this provision is not defined under the law, but by a piece of legislation - in paragraph 3 of Article 78 of the law "On insurance". - 17D-
Economics
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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
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