Azerbaijani Association of Insurers determines date to hold next general meeting
Azerbaijan, Baku, Feb. 15 / Trend U. Ismayilova /
On February 25 the Azerbaijani Association of Insurers will hold a general meeting, executive director of the Association Gafar Majidov said Monday.
"Three issues will be discussed at the meeting: the results of operations for 2009, plans and budget for 2010", Majidov said.
According to him, during the meeting the date of using the uniform rules for motor insurance of physical entities is also envisaged.
Deputy head of the State Insurance Supervision Service of the Azerbaijani Ministry of Finance Mahir Abdullayev said that uniform rules are expected to be used in the second quarter.
Uniform rules will be introduced to ensure a civilized competition on the insurance market. Currently, insurers offer customers different terms for competition, which hinders the overall development of the market.
Henceforth, Azerbaijani insurers will not compete on the proposed terms but will compete only on tariffs and the volume of payments.
Twenty eight insurance and one reinsurance company has been functioning in Azerbaijan.
As a result of the activity of 2009 companies' premiums amounted to 163.31 million, payments - 53.07 million manat. The volume of insurers' premiums for motor insurance over the past year amounted to 31,260 manat at payments to 16,250 manat, liability insurance of car owners - 1,07 million manat with payments to 70.740 manat, compulsory insurance of liability of owners of cars - 3.71 million manat with payments to 763.310 manat.
As of Feb. 15, the official exchange rate is 0.8033 manat to $1.