The Central Bank of Azerbaijan is preparing a new development strategy for the insurance sector, said Aliyar Mammadyarov, First Deputy Chairman of the Central Bank of the Republic of Azerbaijan, at the 11th Azerbaijan International Insurance Forum, APA-Economics reports.
According to him, although the results achieved are significant, the strategic goals planned for the upcoming period are also quite extensive.
A. Mammadyarov said that the Central Bank is currently preparing a new development strategy covering the next strategic period.
He noted that the full establishment of a risk-based prudential supervision model, the transition from a reactive supervision model to a proactive one, the expansion of the application of a special regulatory regime, and the introduction of alternative insurance products, including takaful insurance, will be among the key priorities in the next strategic period.
According to the CBA official, stronger protection of consumer rights, increased customer satisfaction, and the expansion of digital innovations also occupy a special place in the new strategy.
A. Mammadyarov emphasized that the identified priorities will contribute to more effective risk management, the introduction of innovative products to the market, the provision of products and services tailored to consumer demand, and the fuller realization of the sector's institutional potential.
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