Azerbaijan to apply automated insurance supervision regime in 2010

Business Materials 24 June 2009 17:24 (UTC +04:00)

Azerbaijan, Baku, June 24 / Trend , N.Ismayilova/

The State Agency for Insurance Supervision at the Azerbaijani Finance Ministry plans to launch an automated regime of prudential supervision and accountability in 2010, Director of the agency Namig Khalilov said.

"We have already issued a tender to purchase modern software, which will last several months, so the introduction of the system will continue by late 2009," Khalilov said.

It is possible to apply the automated mode in a shorter time, as well, he said.

"It is expected to shift to monthly accounting in 2011, prior to that time, prudential accounting will be conducted a quarterly," Khalilov said.

The transition will require the institutionalization of the Insurance Supervision Agency in strengthening the information system and installing the software.

In October 2006, the Azerbaijani Finance Ministry became a member of the International Association of Insurance Supervisors (IAIS), which offers them access to an information base of the association on the legislation and educational programs. The IAIS's special software program will be used for insurance supervisors when applying prudential accounting.

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