The licenses of 71 insurance agents issued for an indefinite period have been revoked, the Ministry of Finance of Azerbaijan.
According to the State Insurance Supervision Service, in view of not reporting on their activities since April 7, the licenses of 80 insurance agents have been suspended for three months. Nine of them dealt with their commitments, and the rest did not. Thus, from the beginning of the year 116 licenses of insurance agents have been revoked.
The "black list" of insurance intermediaries is prepared to inform about unreliable insurance intermediaries having large receivables to customers and providing false information. In parallel, work is underway to create a similar list of unscrupulous customers of insurance companies.
In total there are 946 insurance agents (61 legal entities and 885 individuals) and 19 insurance brokers (8 legal entities and 11 individuals) in Azerbaijan. There are 26 Insurance companies and 1 reinsurance company. --17D-
Economics
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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