Regulatory Alerts2025-06-19
Corporate Governance Standards for Insurers
The Central Bank of the Republic of Azerbaijan has issued these standards to establish a reliable, transparent corporate governance and internal audit framework for all domestic insurers. Insurers must implement a clearly segregated organizational structure, define their risk appetite and culture, establish mandatory Audit and Risk Management committees, and integrate environmental, social, and governance factors into long-term strategic planning. The regulations mandate regular internal control assessments, standardized remuneration policies for special category employees, and quarterly reporting to the Central Bank, while explicitly exempting joint insurers from these requirements.
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