The Chamber of Accounts of the Republic of Azerbaijan is set to receive expanded authority regarding the Nakhchivan Autonomous Republic and access to insurance-related data, according to new legislative amendments.
As reported by the Operative Information Center-OMM, these provisions are included in a draft law proposing changes to the laws "On the Budget System," "On the Chamber of Accounts," and "On Insurance Activity."
The document was reviewed during today's session of the Milli Majlis (National Assembly) Committee on Economic Policy, Industry, and Entrepreneurship.
Under the proposed legislation, the Chamber of Accounts will be empowered to provide opinions on the draft budget and execution reports of the Nakhchivan Autonomous Republic, as well as relevant draft laws and annual reports. Furthermore, the institution will gain oversight authority regarding extra-budgetary state funds, special-purpose state funds, funds of public legal entities, state-guaranteed loans, state grants, technical assistance, and the extra-budgetary funds of organizations financed from the budget within the autonomous republic.
Additionally, the Chamber will gain access to information classified as insurance secrets held by professional participants in the insurance market, enhancing its regulatory oversight capabilities.
The Chamber of Accounts serves as the supreme audit institution in Azerbaijan, responsible for external control over the state budget. These amendments represent a significant step in strengthening financial transparency and accountability across all administrative regions of the country, including the Nakhchivan Autonomous Republic.
