Azerbaijan, Türkiye strengthen co-op in insurance sector

Azerbaijan and Türkiye have signed a Memorandum of Understanding (MoU) to enhance bilateral cooperation in the insurance sector, Taleh Kazimov, Governor of the Central Bank of Azerbaijan (CBA), wrote on X, Report informs.

"We were pleased to welcome the delegation led by Davut Mentes, Chairman of Türkiye's Insurance and Private Pension Regulation and Supervision Agency. During the meeting, we discussed the current state of cooperation between our institutions and exchanged views on matters of mutual interest.

The MoU we signed will serve to promote collaboration and information exchange in insurance regulation and supervision. We are confident that this agreement will contribute significantly to deepening integration between the financial systems of our two brotherly countries and to the sustainable development of the insurance sector at the regional level," Kazimov stated.

According to a statement from the CBA, both sides expressed satisfaction with the existing cooperation and discussed ways to expand the partnership. The meeting also covered the development dynamics of the insurance sectors, digitalization trends, and future prospects.

The memorandum aims to establish a legal framework for cooperation and information sharing in insurance regulation and supervision, as well as for technical assistance. It will serve to enhance the integrity and efficiency of the insurance and reinsurance markets, as well as to facilitate mutual consultations in the implementation of market supervision functions. Additionally, attention will be paid to meeting training and technical assistance needs to support the development of the regulatory framework for the insurance market of both countries. To this end, the parties intend to implement training programs, seminars, internships, and technical assistance projects focused on advancing the insurance market.