AZERI FINANCE MINISTER HELD MEETING WITH HEADS OF INSURANCE ORGs
Avaz Alakbarov, the Azerbaijani Finance Minister, held a meeting with heads of insurance organizations, insurance brokers and insurance experts on Thursday.
The Finance Minister informed the participants of the meeting about GDP over 6 months and shares of insurance fees in GDP, statutory capital of insurance companies, increase of insurance fees, complaints received by the Ministry, as well as cooperation with international finance organizations.
Over first half-year total statutory capital of the insurance companies acting in the country comprised 138.2bn manats or 50% more as compared 2004.
Volume of insurance fees made up 219.4bn manats, insurance payments вЂ" 36.9bn or 12.9% and 41,9% more as compared 2004.
The Minister stressed that reason for decrease of populationвЂ™s trust was non-observance of the insurance legislation, lack of financial reliability and real statutory capital, as well as necessary attention to transparent counting.
Alakbarov mentioned the recall of the license of Mugan insurance company for similar facts. He underlined that the check-up revealed serious violations and active works are carried out in this direction.
The Minister gave recommendations to the participants of the meeting on observation of the legislation and increase of impact and reliability.