The Central Bank of the Republic of Azerbaijan supported the “Insurance Agents and Intermediaries Forum” in Baku, held in cooperation with the Azerbaijan Insurers Association and the Compulsory Insurance Bureau, to stimulate the activity of insurance intermediaries and discuss market challenges and possible solutions. Executive Director Vusal Gurbanov linked the forum to the discussion of the current state of insurance intermediation, institutional development directions and key priorities, and referenced recent Central Bank measures aimed at aligning insurance intermediation with international practice to strengthen intermediaries’ role in expanding insurance coverage. The Central Bank’s Director of the Insurance Regulation Department, Penah Bennayev, presented on the regulatory framework and intended next steps, covering current legal regulation, challenges, and a Central Bank change project to develop the insurance intermediation institution; the agenda also included panel discussions and international experience sharing via video presentations from the Turkish Insurance Association and the Kazakhstan Insurers Association. Gurbanov indicated that issues discussed at the forum are expected to provide a conceptual basis for measures to be implemented in a future stage.

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