Azerbaijani Insurers Association announces date for electing new chairman

Business Materials 8 October 2009 15:29 (UTC +04:00)

Azerbaijan, Baku, Oct. 8 / Trend U.Ismayilova /

The Azerbaijani Insurers Association (AIA) will hold a general meeting to elect a new chairman of the board on Oct.15, the AIA Executive Director, Gafar Majidov said on Oct.8.

According to Majidov, the meeting of the AIA Supervisory Board will discuss the election of new chairman, 2010 budget, a strategic development plan and 2010 action plan.

The first chairman of the association was Kamal Ibrahimov (Standard Insurance), the second and current is Jamil Malikov (MBASK)."The chairman of the Ateshgah company, Azar Aliyev will be elected a new chairman of the association.

He said the Supervisory Board's working meeting to will be held on Oct.9 will discuss the initial version of the budget.

"Tomorrow's working session will mull the increase or, conversely, decrease of the membership fee, which currently amounts to 4,000 manat", Majidov added.

According to Majidov, change of the membership fee will depend on the AIA expenditures in 2010, as well as on the administrative work and the work envisaged in the strategic plan of the association.

Earlier the AIA membership fee was 2,000 manat and then it was 4,000-5,000. In 2008 due to financial crisis, the comission was reduced to 4,000 manat .

Azerbaijani insurers association was established in December 2006. The association includes all operating insurers. Supervision council of the organization includes five insurance companies of Azerbaijan - MBASK, Standard Insurance, the International Insurance Company, Azersigorta, Ateshgah.

There are 28 insurance and one reinsurance company in Azerbaijan and all of them are members of the AIA.

On Oct. 8, the official exchange rate is 0.8032 manat to $1.

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