...

Central Bank of Azerbaijan talks work in insurance sector

Economy Materials 24 September 2022 11:59 (UTC +04:00)
Central Bank of Azerbaijan talks work in insurance sector
Sadraddin Aghjayev
Sadraddin Aghjayev
Read more

BAKU, Azerbaijan, September 24. The Central Bank of Azerbaijan (CBA) is implementing such projects in the insurance sector as informing the population about insurance products, digitalization of insurance services and products, as well as a number of other projects, Director of the Insurance Activity Policy and Supervision Department of the CBA Vusal Gurbanov told Trend.

According to Gurbanov, the bank informs about the obligations of insurance companies to customers, ensuring insurance payments to the insured and other issues which arise between the insuree and the insurer.

"In the field of digitalization, we are carrying out large-scale work to digitalize insurance services and products and ensure their accessibility to the population. Work is also underway to ensure better provision of services by the insurance companies to the insurees,” he said. “This work also includes strengthening the personnel potential of insurers. The Central Bank is taking measures international level. An increase in the number of more qualified employees of insurance companies is expected in the near future.”

The expert noted that the CBA also implements risk-based projects.

"Here we are talking about the regulation and control of the financial stability of insurance companies, monitoring of insurance risks in the local market," Gurbanov stressed.

The head of the department also noted that the regulator constantly monitors the activities of insurance companies and their insurance agents.

"We are constantly monitoring the conduct of transparent activities by insurance companies. In case of violations, insurers and/or their agents receive appropriate warnings, up to taking measures to limit insurance activities and imposing a fine," he added.

Tags:
Latest

Latest