Azerbaijan, Baku, Jan. 21 / Trend U.Ismayilova /
The State Insurance Supervision Service under the Azerbaijani Finance Ministry plans to introduce an online insurance company auditing system, Namig Khalilov, the head of the service, told Trend today.
"Currently, this practice is not applied, but it is possible in the future," Khalilov said.
He added that the mechanism works in many countries and the activities of insurers need to be automated to allow the project to be implemented. Presently, some insurers have moved to an automated system in "some degree," he said. Other are still planning the transition.
"In general, given the growth of the insurance market, in particular the growth of retail sales, management processes cannot be made without IT," Khalilov said.
He stressed that the service will only receive reports from insurers in an electronic form in 2011. The new system will not accept reports in case of any shortcomings in their submission.
The new system, he said, is an additional tool providing for a more extensive analysis of information concerning company activities and market trends.
There are 27 insurance and one reinsurance company in Azerbaijan. The total premiums of insurers in 2010 amounted to 155.59 million manat with payments of 53.83 million manat.
The official exchange rate is 0.7974 manat to $1 Jan. 21.