July 25, 2021

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Azerbaijan, Russia ink MoC on insurance field

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By Ayya Lmahamad

Azerbaijan’s Insurers Association and All Russia Insurance Association have signed a memorandum of cooperation in the field of insurance.

According to the memorandum signed in Baku, the two institutions will cooperate in the fields of information exchange, preparation of legislative and regulatory legal acts, financial and credit operations and taxation, training of professional personnel, exchange of training programs and methodological materials.

In addition, the parties will cooperate in the process of organizing the business meetings, conferences and seminars related to the insurance business, etc.

Discussing the possibilities of expanding cooperation between the two countries in the insurance field, the participants of the meeting stressed the importance of the insurance sector in the formation of a sustainable financial system.

The ARIA’s president also discussed the insurance sector with Azerbaijan’s Central Bank Chairman Elman Rustamov.

Azerbaijan’s Insurers Association signed a memorandum with the Turkish Insurance Association in December 2020, to study international experience and application of new trends in the insurance sphere in Azerbaijan.

It should be noted that Russia was Azerbaijan’s third-biggest trading partner in 2020, with a trade turnover of $2.6 billion, where exports amounted to $709.3 million and imports to $1.9 billion. In addition, the trade turnover between the two countries amounted to $1 billion in the first five months of 2021.

Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz

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