Structural changes occur in Compulsory Insurance Bureau of Azerbaijan
BAKU, Azerbaijan, Feb. 17
Structural changes have occurred in the composition of the Board of Trustees of the Compulsory Insurance Bureau of Azerbaijan (ISB), Trend reports with reference to ISB.
In connection with the liquidation of the Financial Market Supervisory Authority of Azerbaijan (FIMSA) and the transfer of its powers to the Central Bank of the country on the basis of an order by Azerbaijani president, Vusal Gurbanov and Tural Feyzullayev have been appointed as members of the Board of Trustees of Azerbaijan's Compulsory Insurance Bureau, as the regulator's representatives.
President of Azerbaijan Ilham Aliyev signed a decree on improving the management of the regulatory system and control of the financial services market on Nov. 28, 2019.
According to the decree, FIMSA was abolished, its powers for supervision of financial markets defined by the laws of Azerbaijan, including its rights and obligations in the field of licensing, regulation and supervision of the financial services market, protection of the rights of investors and consumers of financial services, as well as its property were transferred to the Central Bank of Azerbaijan (CBA).
The transfer of the powers of the liquidated FIMSA to the CBA was completely completed as of Jan. 11, 2020.
Currently, there are 22 insurance and one reinsurance company in Azerbaijan.