BAKU, Azerbaijan, Might 26. Azerbaijan will carry
out preparatory work to introduce an open insurance coverage mannequin and
set up a authorized framework on this space by 2030, Pattern reviews.
That is mirrored within the “State Program on increasing monetary
inclusion for 2027-2030” authorized by the President of the Republic
of Azerbaijan, Ilham Aliyev.
In keeping with the State Program, the implementation of measures
to introduce an open insurance coverage mannequin is deliberate for 2027–2029. It
can also be deliberate to contain the Azerbaijan Insurers Affiliation
(AIA) within the course of throughout the mission’s implementation.
The doc notes that, within the preliminary stage, the readiness of
monetary establishments to implement the mannequin will probably be assessed. In
the subsequent stage, the mandatory authorized framework for the
implementation of the open insurance coverage mannequin will probably be established.
The State Program designates the Central Financial institution of Azerbaijan
(CBA) as the first implementing physique for the measures.
In keeping with the anticipated last outcomes, it’s deliberate that at
least 50% of insurance coverage corporations working within the nation will
undertake the open insurance coverage mannequin underneath this system.
