BAKU, Azerbaijan, April 28. The Central Bank of
Azerbaijan (CBA) intends to review an expanded guarantee scheme
encompassing voluntary insurance types, Trend reports via the
CBA.
This initiative is outlined in the forthcoming steps for the
insurance sector within the “2025 Progress Status Report of the
Financial Sector Development Strategy for 2024–2026,” as defined by
the CBA.
The bank has indicated plans to redesign the passenger personal
accident insurance product. The strategy also emphasizes active
collaboration to enhance the culture of risk management in business
processes, foster stronger relations among insurers, and remove
existing obstacles to digitalization.
Simultaneously, the CBA aims to promote “InsurTech” solutions
through a dedicated regulatory framework.
The bank further prioritizes the development of a risk
assessment framework to protect financial consumers, alongside the
establishment of internal and external control mechanisms to
support the transition to risk-based supervision.
Additionally, the CBA has included in its objectives a review of
the potential application of “Cup and Cap” models.
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