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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