CBA: Insurers will disclose information on financial stability, service quality

The Central Bank of Azerbaijan (CBA) has identified risk-based regulation and supervision as a priority for establishing a sustainable insurance system, Vusal Gurbanov, the CBA Executive Director, said at the first Assembly of the Turkic World Insurance Union in Shusha, Report informs.

According to him, sustainability is the key condition for ensuring confidence in the insurance sector:

"The financial stability of the sector also depends on insurers' corporate environment. Without a corporate framework, neither a sustainable system nor fair practices are possible. That is why the CBA prioritizes a risk-based regulatory framework. Corporate governance, financial stability, and transparent communication are at the forefront. Initially, establishing a strong corporate environment was our priority. Today, our insurers are implementing corporate governance standards and developing an environment in line with progressive practices."

Gurbanov added that another priority is transparent disclosure:

"According to the CBA's decision, insurers will provide the public and investors with open information on their financial stability, the services they offer, and related quality indicators. This will serve the interests of both investors and insurers."