Central Bank of Azerbaijan to promote activity of insurtechs, says chairman

The Central Bank of Azerbaijan (CBA) will promote the activity of insurtechs in the country through a special regulatory regime, Chairman Taleh Kazimov said at the Insurtech summit held in Baku, Report informs.

According to him, the CBA has created a new regulatory framework to support the digital transformation of the insurance sector, and on January 31, 2024, by approving the "Regulation on the Application of the Special Regulatory Regime," it formed the legal basis for the activities of fintechs: “I believe that we will encourage the activities of insurtechs, an integral part of fintechs, through this regime.”