Azerbaijan, Baku, Dec 23 /Trend A.Akhundov/
The Azerbaijan Insurers Association (ASA) adopted a new charter during the general meeting of its founders on Thursday, the executive director of ASA Azer Aliyev, told Trend.
"The Charter was adopted unanimously and we're going to send it for registration to the Ministry of Justice next week," Mr Aliyev said.
He said the main highlight of the statute is the expansion of the Supervisory Board.
"There were five companies in the supervisory board and then the number increased to seven. AXA MBASK, Azərsığorta, Atəşgah, Standard İnsurance, İpək Yolu Sığorta, AzRe and AzSığorta all sit on the Board. The International Insurance Company withdrew and Paşa Sığorta refused the offer to be included," Mr Aliyev said.
It was also decided that the major costs for such activities as the insurance forum, Olympics for the insurers, issue of the magazine and so on, will be included in the ACA budget.
"The budget of the association increased as did membership dues. All these decisions were taken almost unanimously. Insurers will have the new budget submitted before them in late January," Mr Aliyev said.
He added the fees will depend on the membership status in the supervisory board, the shares of companies in the market and other factors. Currently the fee is 5.000 manat.
"Another novelty is that insurance brokers, agencies and other organisations that are linked to the insurance market can also be the members of the Association," Mr Aliyev said.
All 28 insurance companies and one reinsurance are the members of ASA. License of insurance companies Fidan Sığorta and Günay Sığorta in August and November, respectively, were suspended for six months, so they have no right to enter into new contracts, and can only serve existing ones.
Official rate on Dec 23 is 0.7863 AZN/USD