Azerbaijan, Baku, Oct. 14 / Trend A.Akhundov /
The Azerbaijan Insurers Association (AIA) may revise the terms of the rotation for the post of Chairman of the AIA Supervisory Board, AIA Executive Director Gafar Majidov said. To date, the chairman has been elected for one year.
However, the general meeting of the AIA founders held on Oct.8 re-elected Ateshgah Sigorta Chairman Azer Aliyev the new chairman of the Association's Board for two years. Aliyev re-elected for the second term.
"We decided to experiment. We will reconsider the issue two years later, and depending on market conditions and the outcome of the past two years, we may revise the terms of rotating of the chairman. It can be a two years or five years. However, there also may be elected a permanent chairman. Now no one knows," Majidov said.
According to the statute, each of the five members of the Supervisory Board chairs the Association alternately for a period of one year. Accordingly, the presidency for another term had to be transferred to one of the members of the association, which had not yet been in this position, that is, the board chairman of International Insurance Company or the head of state company Azersigorta. The first chairman of the Association was Kamal Ibrahimov (Standard Insurance), second - Jamil Melikov (former chairman of MBASK).
The general meeting highly appraised Aliyev's activity as Chairman of the Supervisory Board and its success in this area. Thus, all other candidates declined to participate in the contest for the Board Chairman post in favor of Aliyev and Aliyev was re-elected for the next two years.
According to Majidov, the existing rotational system was inconvenient to carry out long-term projects.
"One person should start the implementation of projects and complete them," Majidov said.
According to him, the association carries out projects following a general insurance goal.
"These are projects to create educational frameworks, mechanism of interaction between the insurers and the Finance Ministry and others," Majidov said.
Majidov also appraised the presidency of Azer Aliyev.
"I really appreciate Aliyev's presidency. During this period, we held the first Olympics in insurance and began to develop some system documents on the AIA' activities, plans and goals. Now we are working on a strategic plan for two years, which will soon be promulgated," Majidov said.
The Azerbaijan Insurers Association was established in December 2006. 27 insurance and one reinsurance company operate in Azerbaijan.
The main purpose of the association is to assist the development of insurance companies, as well as re-insurance companies operating in Azerbaijan and development of their socio-economic, informational and other programs that enhance their knowledge in these areas.
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