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Expert: Insurance market has remained uncontrolled since 2016

13.05.2020,15:07


May 13, Fineko/abc.az. Unlike banks, the financial statements of insurance companies are not so transparent, ABC.AZ was stated by expert Ekrem Hasanov, when he was commenting on the current state of the insurance market.

He noted that it is impossible to know the exact financial situation of insurance companies.

Hasanov believes the insurance market has remained largely uncontrolled since 2016:

"The powers of the insurance market were transferred to the Financial Market Supervision Authority (FIMSA). And FIMSA could not cope with this case - it was engaged in the banking sector to a small extent. And now is the same. In other words, it is impossible to get an objective result based on some criteria. The Central Bank also does not have personnel in this area, since the Central Bank is currently engaged in the banking sector, where speech is mostly about finances and risks. The steps taken in both the insurance and banking sectors do not meet objective criteria, especially in the insurance market."