Number of professional actuaries increases in Azerbaijan

Business Materials 6 June 2009 12:15 (UTC +04:00)

Azerbaijan, Baku, June 6 / Trend U. Ismayilova /

Regular (the third) stage of courses for actuaries will begin in Azerbaijan from June 8, Azerbaijani insurance association executive director Gafar Mejidov said on June 5.

"Local actuaries passing the course and having international certificates will be teachers at the third stage," Mejidov said. 

The ministry of finance and association of insurers together with West-East Management Institute under financial support of U.S agency of international development within Partnership for financial stability held training program on actuary calculations to develop actuary business in Azerbaijan in summer 2008. The second stage was held in autumn 2008.

Program consists of four courses of training (two basic and two special) covering the following spheres of actuary activity: theory of percent, common insurance and re-insurance, life insurance, pension insurance and social maintenance, investments, financial accounting of insurance organizations, passing modeling.

Courses of actuaries cover the following topics:

Professional ethics for actuaries;

Theory of percent;

Annuity and mortgage;

Loan securities;

Casual processes in life insurance and insurance annuity;

Life insurance;

Base statistics

People willing to attend courses must have basic knowledge in the following branches of mathematics:

Notion of sum, product, maximal and minimal meaning of group if figures

Simple percent and compounding

Percent rate of discounting, percent increase

Differentiation of polynomials, fractional functions, index, logarithm

Simple integrals of polynomial and exponents 

Average, median, mode, dispersion of group of figures

Binomial distribution, equal distribution

It is planed to include in legislation the requirement on financial stability reports approved by licensed actuaries in the nearest future in Azerbaijani in accordance with international practice, the ministry of finance's insurance control service head Namik Khalilov said. There will be paying capacity, as well as forming of insurance reserves given by insurance companies to the state agency of insurance control besides report on financial stability. 

Five professional actuaries trained in different countries operated on the Azerbaijani insurance market before these courses.

Do you have any feedback? Contact our journalist at [email protected]