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Azerbaijan intends to increase actuarial work

Business Materials 8 July 2011 15:20
The State Insurance Supervision Service is prepareing proposals to amend legislative acts on actuarial business to bring them into conformity with developed countries' legislation, head Namiq Khalilov told media.
Azerbaijan intends to increase actuarial work

Azerbaijan, Baku, July 8 / Trend A. Akhundov /

The State Insurance Supervision Service is prepareing proposals to amend legislative acts on actuarial business to bring them into conformity with developed countries' legislation, head Namiq Khalilov told media.

"Actuaries are independent and work for insurance companies, but the actuarial work is considered to be one of the elements of state insurance supervision," Khalilov said.

He added that the legislation of most countries has the requirements that the reports submitted by insurance companies to the insurance supervisory bodies, must be certified by an insurance actuary.

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