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Azerbaijan approves new reporting forms for insurers and re-insurers

Business Materials 6 January 2011 16:42
The State Insurance Supervision Service under the Azerbaijani Ministry of Finance adopted a new reporting form due to the introduction of compulsory insurance on disability resulting from occupational diseases and industrial accidents, the service said.
Azerbaijan approves new reporting forms for insurers and re-insurers

Azerbaijan, Baku, Jan. 6 / Trend /

The State Insurance Supervision Service under the Azerbaijani Ministry of Finance adopted a new reporting form due to the introduction of compulsory insurance on disability resulting from occupational diseases and industrial accidents, the service said.

The insurance companies must submit monthly reports to the State Insurance Control Service No. İSH-1, according to the concluded insurance contracts, No. İSH-2 on the premiums received under these contracts, No. İSH-3 on the changes in No. İSH-2 accounts, No. İSH-4 on the insurance cases, No. İSH-5 on the insurance benefits, No. İSH-6 in connection with an extract from the list of insured and No. İSH-7 in connection with the cancellation of contracts.

The reports must be made from the beginning of the fiscal year, from Jan. 2011, while the reports on the results of a calendar month, till the fifth of next month, must be submitted to State Insurance Control Service.

The Ministry of Finance also announced other forms of accountability in the new edition. The insurance/reinsurance companies and brokerage firms must submit quarterly and annual reports, including the balance sheet in form No. 1S, the report on income in form No. 2S, the report on insurance contracts in form No. 12, accounting documents related to reinsurance transactions in forms No. 13, 14, 15, 16, prompt reporting about insurance and reinsurance operations as well as collected premiums and payments in form No. 11, an account on compulsory insurance in form No. 17, and a number of other insurance reporting in form No. 17 to No. 23 (1).

In July 2010, Azerbaijani President Ilham Aliyev approved the law on compulsory insurance on labor's ability loss due to production.

At present, Azerbaijan has two life insurance companies, namely Atesgah Heyat and Qala Heyat, which have the right to provide services for this type of insurance.

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