Will the updated site of Insurance Supervision be better than before?
Updated yesterday, the website of State Insurance Supervision Service (http://sigorta.maliyye.gov.az) has become more attractive, but it did not increase information content. If the old version had the latest information on 15 February (premiums and payments companies on all types of insurance in January), now this information is not available. The Statistics does not include it either. The latest information is dated January 30.
Unspeakably bad are the things with the results of appraisal conducted four years in a row - the section reflects the results of 2009. The trend of retouching data on examinations for candidates for executive positions was displayed almost the entire last year, but the concealment of the data across the entire spectrum is an innovation.
There are also pluses. The resource reflects the entire spectrum of the law, including the Constitution, the laws and regulations. Greatly expanded is the roster of local and foreign insurance organizations, including brokers and even independent experts.
There is information for users of international relations and on the best practices for local insurers.
Two very successful sections are "electronic services" and "public duty", which reflect all, up to the sample application.
Another good section is "useful links". It highlights links to 40 state and government agencies, as well as local and international financial institutions.
Users can also specify the Service specialists they need. - 17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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