Azerbaijan Insurers Association Registered by Justice Ministry

Azerbaijan, Baku/ Trend , corr. U. Ismayilova/ Jamil Malikov, the Director General of MBASK Insurance Company, who is simultaneously a Member of the Board of this Association, has said today that the Association of Insurers of Azerbaijan were registered by the Justice Ministry of the Country on the day before yesterday.

The reason for the delay of the registration was the necessity to submit additional documents to the Justice Ministry, which will prove the consent from founders of insurance companies operating in the country on their entering the organization, which has just been found. Due to the fact that almost all insurance companies operating in the country join the new association, the time has been needed to let them know about it, as well as get consent from all the founders.

Mr. Malikov said that the holding of the Conference of the Association of Insurers was expected to be held soon, where the President of the Organization would be elected from the candidates nominated by the following five companies - IIC (International Insurance Company), AzerSighorta, Ateshgah, Standard Insurance, MBASK), who enter the Board.

"The President of the Association is to be changed every year and elected from among the five members of the Board," he said.

The budget of the Association will be formed at expense of obligatory and purposeful fees. It will be divided by two equal parts. A part will be formed at the expense of obligatory fees distributed equally among the companies.

The second (another) part of the budget, which is stipulated for the organization and holding of additional arrangements will be partially formed at the expense of regular and purposeful fees, which will be put at the discretion of the insurers.

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