General information on the Project
Development Co-operation Project No 389/2011/PR2011 ,,Strengthening the institutional capacities of the insurance market supervisor of the Republic of Azerbaijan”
The Project was implemented by the Polish Financial Supervision Authority for the Ministry of Finance -State Insurance Supervision Service of the Republic of Azerbaijan between March and December 2011.
The Project was co-financed by the Polish development cooperation programme 2011 of the Ministry of Foreign Affairs of the Republic of Poland.
Beneficiary: Ministry of Finance - State Insurance Supervision Service of the Republic of Azerbaijan.
Implementing Authority (Donor): Polish Financial Supervision Authority (PFSA-UKNF).
The project implementation period: March – December 2011.
All project objectives and results were successfully achieved.
The overall objective of the Project was strengthening the administrative and institutional capacities of the Ministry of Finance - State Insurance Supervision Service of the Republic of Azerbaijan in the field of the EU regulations and international standards regarding the insurance market.
The Project addressed the current needs of the insurance supervisory authority in Azerbaijan, elaborated and submitted to the Polish Financial Supervision Authority (PFSA-UKNF) by the State Insurance Supervision Service. The detailed scope of the project activities was developed in cooperation with the relevant Department of Consumer Protection of the PFSA-UKNF as well as with the entitled representatives of the supervisory authority of the Republic of Azerbaijan, in the 4th quarter of 2010.
The scope of the Project covered preparation and implementation by the PFSA-UKNF experts two training seminars in Baku and one study visit in Warsaw, aimed at presentation of the EU legislation and Polish provisions implementing the EU directives in the field of consumer protection, along with the exchange of knowledge and best practices of the Polish supervisor in that area, carrying out the analysis on the situation of the insurance market in Azerbaijan, providing consultancy services and developing recommendations and a guidebook for the employees of the insurance supervisory authority in Azerbaijan.
The schedule, including summary and materials regarding the project activities can be found in the section: Schedule and Materials
In the course of Project implementation the PFSA-UKNF representatives were adjusting the conducted activities to the current needs of the Beneficiary, in order to make the implemented activities efficient for the Azerbaijani counterpart.
The visible development of the insurance market in the Republic of Azerbaijan requires strengthening of the supervisory authority, which is responsible for the supervision of that sector of financial market and for the development of the insurance services in a proper - the highest - level. The Project implementation contributed to improvement of qualifications of the professionals of the Republic of Azerbaijan in the field of insurance market supervision and attempts regarding harmonization of the Azerbaijani legislation with the UE regulations, which in a long term shall support the protection of consumers of the insurance services.
The strengthening of the institutional capacities shall result in increasing the safety and consumer protection on the insurance market in the Republic of Azerbaijan and thus, increasing trust of the consumers towards insurance products.
Financial resources of the Development Co-operation Project No 389/2011/PR2011:
Project total value: 274 920 PLN, including:
granted co-financing by the Polish development cooperation programme 2011 of the Ministry of Foreign Affairs of the Republic of Poland:238 920 PLN,
co-financing by the PFSA-UKNF:36 000 PLN.
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