11:28 - 10.06.2025

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June 10, Fineko/abc.az. The Board of the Central Bank (CBA) has amended the Standards of Corporate Governance of Insurers approved by Resolution from February 21, 2024.

ABC.AZ reports that in this regard, CBA chairman Taleh Kazimov signed a new decree. 

According to the Resolution, the information used in the decision-making process by the insurer, as well as disclosed to the public, must be adequate, comprehensive, reliable, updated, accessible and consistent. Relevant information must comply with the principles of reliability, clarity, efficiency, relevance, relevance and comparability. When disclosing, it is necessary to maintain a balance between transparency and commercial interests, as well as to ensure the protection of information constituting a commercial or other secret in accordance with the law. The information disclosed to the public should not contradict the information provided by the insurer to the Central Bank.

An Activity Report (hereinafter referred to as the Activity Report) containing general information about the insurer's activities, as well as data on its solvency, financial position and market behavior (disclosure of information on market behavior does not apply to reinsurers), is compiled on an annual basis in the form and content provided for Appendix #3 to these Standards. 
The activity report is posted annually within 5 months after the end of the calendar year in PDF format or other exported format, grouped by year in a separate section of the insurer's website, structured in an accessible format understandable to users.