The licenses of 71 insurance agents issued for an indefinite period have been revoked, the Ministry of Finance of Azerbaijan.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 Thus, from the beginning of the year 116 licenses of insurance agents have been revoked.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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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