WB renders technical support to Central Bank of Azerbaijan on insurance segment of financial market

By Trend

The Central Bank of Azerbaijan (CBA), which is the regulator of the Azerbaijani insurance market, continues to effectively promote the development of the insurance sector, Director General of the CBA Ziya Aliyev said.

Aliyev made the remark at the CBA press conference on Jan. 29, Trend reports.

“An agreement was signed between the local central bank and the World Bank to receive technical support in connection with the plans to regulate insurance,” director general added.

Aliyev stressed that for a more transparent, efficient and expanded coverage of the insurance sector, if necessary, the CBA will cooperate with other international institutions.

"The insurance segment must take its rightful place in the Azerbaijani financial market despite there are certain problems with technologies and human resources,” Elman Rustamov said. “Of course, this issue will gradually find its solution."