A master class dedicated to March 27 – Science Day was held at the Faculty of Applied Mathematics and Cybernetics of Baku State University (BSU).

During the event, Tofig Memtiyev, Head of a Sector at the Ministry of Finance, delivered a presentation titled “The Role of Insurance in Economic Development and Its Regulation by the State.” He noted that insurance is an important component of the socio-economic system and plays a key role in protecting the property interests of the state, citizens, and businesses.

The speaker also explained the main functions of insurance in society, including risk management, savings, control, and preventive functions, emphasizing their role in supporting stable socio-economic development.

Memtiyev also highlighted the importance of state regulation and oversight of insurance activities, noting that most countries have established legislative frameworks to ensure the effective functioning of the insurance sector.

The event concluded with a discussion, during which the guest answered students’ questions.