Central Bank continues international cooperation on insurance

14-07-2021

14 July 2021, Baku:  The Central Bank of the Republic of Azerbaijan continues to intensely implement its strategy for the development of the insurance sector. The Bank studies best practices in the process of implementation of projects that contribute to the development strategy of the sector and accordingly cooperates with relevant international organizations and regulators of other countries.

Currently, the Central Bank and the World Bank, supervisory and regulatory bodies of leading member countries of the International Association of Insurance Supervisors, as well as the Turkish Insurance Institute Foundation are exchanging technical assistance and mutual experience on a number of topics. Technical assistance and experience sharing cover risk-based regulation and supervision in the insurance sector, human resource expansion, protection of the rights of insurance service consumers and other areas.

In this context, on 26 March 2021, the Central Bank signed a Memorandum of Understanding with the Insurance and Private Pension Regulation and Supervision Agency (SEDDK), the supervisory and regulatory body of the Republic of Turkey on insurance. Within the framework of the memorandum, the Central Bank and SEDDK identified intense cooperation directions on regulation and supervision in the insurance sector, consumer protection in the insurance market, development of human resources, etc.