Azerbaijan, Baku / corr. Trend U.Ismayilova / The Azerbaijani Insurers Association re-elected the members of the Supervisory Council including five Azerbaijani insurance companies (MBASK, Standard Insurance, International Insurance Company, Azersigorta, and Ateshgah) during meeting held on 22 June.
Kamal Ibrahimov, the Director General of the MBASK joint company, was elected the Chairman of the Council, while Jamil Malikov, the President of the MBASK, was appointed the Deputy Chairman.
All five members of the Azerbaijani Insurers Association will by turn preside over in the Association for one year term.
Gidayat Abdullayev, who has been the head of the Insurance Kavkaz Sigorta company for three years and now is not engaged in any insurance company, was elected the Executive Director of the Association.
During the first meeting an inspection commission was formed of representatives of three insurance companies (Emrah Sigorta, Azersigorta, and Azerigrant).
Besides the elections, the issues on estimate of the Association and establishment of membership fees were discussed during the meeting. It was decided to establish the first membership fees for 2007 at the amount of AZN 2,000 which can be changed in future depending on administrative expenditures.
Some 29 Azerbaijani insurance companies took part at the meeting.
The Azerbaijani Insurance Association was registered at the Azerbaijani Justice Ministry in May; while the documents were submitted for registration in December, 2006. The reason for delay of registration was late development of the document by all the 29 companies currently operating in Azerbaijan.