The Central Bank of Azerbaijan (CBA) continues to implement the strategy of development of the domestic insurance sector, Trend reports referring to the statement of the CBA, which is the regulator of the local insurance market.

The advanced international experience is being learned during the process of implementing the projects within the strategy.

For this purpose, cooperation is carried out with international structures and regulatory bodies of other countries in the relevant field.

Currently, the CBA and the World Bank, supervisory and regulatory bodies of the leading member-states of the International Association of Insurance Supervisors and the Turkish Insurance Institute exchange technical assistance and mutual experience in the field of risk control in the insurance sector, expanding human resources and protecting the rights of insurance consumers.

A memorandum of cooperation was signed between the CBA and the Insurance and Private Pension Regulation Supervision Agency of Turkey, which is the supervisory and regulatory body of this country in the field of insurance on March 26, 2021.

This document defines the directions of cooperation between the two structures in the field of regulation and control in the insurance sector, consumer protection in the insurance market and the development of human resources.

Source: TREND News Agency