Azerbaijan, Baku / Trend corr U. Ismayilova / The elections for the Supervisory Board of the Azerbaijani Association of Insurers will be held in Baku on 22 June, the President of the MBASK insurance company and member of the Organizing Committee, Jamil Malikov, said on 21 June.
A decision to hold the elections was made on 18 May at the preliminary meeting of the Administration of the Association uniting five insurance companies (MBASK, Standard Insurance, International Insurance Company, Azersigorta, and Ateshgah).
All 29 operating insurance companies in Azerbaijan are expected to take part in the elections. Malikov noted that besides the elections the estimate of the Association will be determined at the meeting and will later be equally divided among the members. Membership fees will be established afterwards. Each of the five members of the Administration of the Association will preside at the Association for one year in turn.
The budget of the Association will be formed by obligatory and targeted fees. It will be equally divided into two parts. One part of it will be formed by obligatory fees divided equally among the companies. The second part intended for organization of supplementary arrangements will be partially formed by regular and targeted fees, which will be paid at the discretion of the insurers.