BAKU, Azerbaijan, October 23. The Central Bank of Azerbaijan (CBA) has included five more foreign-owned companies in the register of foreign insurers, reinsurers, and insurance brokers, thus increasing the number of foreign brokers working in the local insurance market to 92, Trend reports.
What does the country's economy promise for an even greater attraction of foreign brokers to the insurance market?
Commenting on the issue, a source within the CBA stated that foreign brokers included in the relevant register act as intermediaries in the process of placing insurance risks of Azerbaijani insurers on the international reinsurance market.
The source noted that the relevant legislation, including the CBA rules in this area, governs the transfer of insurance risks to reinsurance.
"The mediation of foreign brokers in this process plays an important role in enabling domestic insurers to obtain reinsurance programs from foreign reinsurers on more favorable terms within prudential requirements," added the source.
To note, the new companies included in the register of foreign insurers, reinsurers, and insurance brokers 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).
Additionally, in accordance with Article 95.3 of the Azerbaijani law, "On insurance activities," the CBA maintains a register of insurers, insurance mediators, including foreign insurance brokers, their representative offices in Azerbaijan, actuaries, legal entities engaged in auxiliary activities in the field of insurance, and relevant independent experts.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel