Swiss company leaves insurance market of Azerbaijan
The Central Bank of Azerbaijan has cancelled licences of one legal entity of insurance broker and three legal entities of insurance agent. This is reported on the website of the regulatory structure.
The decision was adopted on 10 January in accord with the "Law on Insurance Activity", the report says. Licences were cancelled on the basis of voluntary applications.
The legal entity that left the market is a subsidiary of the Swiss company "Societe de Courtage" in Azerbaijan, acting as an insurance and reinsurance broker.
Finance
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On November 19, Finance Minister Samir Sharifov stated in the Milli Majlis (National Assembly) that fines issued to citizens in Azerbaijan sometimes do not reach the state budget. According to him, a new software system has been developed to address this issue and ensure proper oversight of fine payments.
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In 2025, AZN 1,162.6 million is forecasted to be allocated from the state budget to 56 public legal entities in Azerbaijan.
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