Azerbaijan to introduce licensing of actuaries
Azerbaijan, Baku, Dec. 10 /Trend, U.Ismayilova/
Azerbaijan will introduce licensing of actuaries, Turan Mammadov, the leading adviser to the Azerbaijani State Insurance Supervision Service told Trend today.
"This issue is being considered by the civil service," he said.
He added that licensing actuarial activity will begin in Azerbaijan as part of compulsory insurance against accidents at work. This requires serious actuarial calculations, he said.
Namig Khalilov, the head of the Civil Service for Insurance Supervision, said amendments to the law on insurance activity are being developed. They involve licensing insurance actuaries, he said.
Khalilov stressed that actuaries are important in the insurance business, as they accurately count the total capital insurance reserves and determine tariffs.
Khalilov said that the activity of actuaries will also be useful for the insurance supervisory body. It cannot always carry out inspections. The actuaries themselves will regularly provide reports on the company's financial position.
After making the amendments to the law, the financial statements of companies will be confirmed by the signature of actuaries. Today, reports are confirmed by the signature of the heads of the companies.
An actuary is a specialist who evaluates the value of insurance rates and the reliability of an insurer on the basis of statistical data and mathematical methods based on probability theory and statistics.
Roughly 27 and one re-insurance companies operate in Azerbaijan.