Azerbaijan, Baku / corr. Trend U.Ismaylova / Nofal Rzayev, the deputy Director General of the insurance company Pasa Sigorta, stated on 27 June that the Azerbaijani Insurance Association should form an internal insurance rating.
The Insurance Association's meeting was held on 22 June, during which the Supervision Council, the Executive director and the Audit committee were elected.
Commenting on points of view of other Azerbaijani insurance companies, which stated the importance of forming an internal rating of financial stability, Rzayev said that not all 29 insurance companies functioning in Azerbaijan have the opportunity to receive an international rating of financial stability.
"It is necessary to form a rating within insurer associations, which will determine the level among insurance companies," Rzayev said.
The forming of an international rating demands certain terms and huge finances.
The functions of the Azerbaijani insurer association will give stimulus to the development of the insurance market of the country.
Pasa Sigorta will participate in all initiatives of the association.
Pasa Sigorta has been operating since 2006 and is one of the leading insurance companies with an authorized capital of AZN 1,2mln.