BAKU, Azerbaijan, November 1. The Central Bank of Azerbaijan (CBA) expects new corporate governance rules in the country's insurance sector to come into force in mid-2025, CBA Executive Director Ziya Aliyev said during a press conference on refinancing rate in Baku today, Trend reports.
"Our inspections revealed no infractions in the execution of corporate governance regulations within the insurance sector, as insurers were afforded time to acclimate. In certain instances, the regulations are enforced for over 12 months, while in others, they extend beyond 18 months. Consequently, we anticipate the completion of this process by the middle of next year," he explained.
Alongside this explanation, CBA Governor Taleh Kazimov also underscored that putting corporate governance rules into play in the insurance sector is a vital move for boosting the effectiveness of independent board members in insurance companies.
"Banks have already adopted new corporate governance rules. The next step will be the insurance sector," Kazimov added.
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