16:09 - 22.04.2025

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April 22, Fineko/abc.az. The Central Bank (CBA) has announced the next steps for the insurance sector as part of the Financial Sector Development Strategy for 2024-2026.

ABC.AZ reports, citing CBA data, that 86.2% of the work related to the insurance sector was completed in 2024.

It was noted that the delayed areas of activity include the development of proposals for banking and insurance partnership (Bancassurance) products, updating the rules for identifying customers through digital channels, and restructuring the life insurance product.

At that, the following steps to be taken in this sector include: "The development of proposals to promote mandatory insurance products as additional support for voluntary insurance, the updated design of the individual passenger accident insurance (SFQS) product, preparation of a new concept for the development of the institute of insurance agent, the definition of conditions by class of voluntary insurance, definition of conditions for compulsory insurance, preparation of draft amendments to legislation, implementation and monitoring of "corporate governance standards for insurers".