BAKU, Azerbaijan, October 21. The number of foreign brokers working in the insurance market of Azerbaijan has increased from 87 to 92, Trend reports via CBA.
The Central Bank of Azerbaijan (CBA) has included five more foreign-owned companies in the register of foreign insurers, reinsurers, and insurance brokers.
According to the information, these companies are Howden Reinsurance Brokers Limited and Volante International Limited (UK), MOI Insurance Broker (Kazakhstan), Howden Insurance Brokers Limited (Luxembourg), and Kuhn & Bülow Versicherungsmakler GmbH (Germany).
Meanwhile, Howden Reinsurance Brokers Limited has been operating in the insurance and reinsurance industry since 2010, Volante International Limited since 2017, MOI Insurance Broker since 2018, Howden Insurance Brokers Limited since 1962, and Kuhn & Bülow Versicherungsmakler GmbH since 1991.
To note, the Central Bank of the Republic of Azerbaijan carries out state regulation and control in the insurance sector following Article 95 of the Law of the Republic of Azerbaijan "On Insurance Activities."
The following are professional participants of the insurance market: insurers, reinsurers, insurance brokers, actuaries, independent auditors, independent experts, and legal entities engaged in auxiliary activities in the field of insurance.
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