The Insurance Association Union of Azerbaijan (IAUA) conference is due to take place on April 12, the Union told Trend. Defining the exact date of the reporting conference on 2005 results and merging the 2 insurance organizations (IAUA and Insurance Association of Azerbaijan) into the single structure are on the agenda. The conference will be held in May. If the merging question will be resolved the conference may be the reporting elective.
This matter is on the agenda long ago but the sides are failing to reach the agreement. The major moot points are to form of the new structure and leadership. The given problems have to be solved via elections, where all the insurance companies have to take part, however, the procedure may prove to be time consuming, and therefore, both sides are trying to agree forming the structure on the basis of one of the structures. Existence of two insuring associations at the local insurance market can be detrimental and forces the union to create a single structure like in some other countries (Turkey, Georgia).
The Insurance Association of Azerbaijan was founded on April 2003. It currently consists of 5 insurance companies (International Insurance Company, MBASK, Azal Siqorta, CI Insurance and Standard Insurance) and one broker organization, Caspian International Brokers. Although, MBASK, Azal Siqorta and CI Insurance are also IAUA members.
IAUA was called the Insurance Union of Azerbaijan before the May 2003. It consists of 20 insurance companies.