International insurance project launched in Azerbaijan
BAKU, Azerbaijan, Dec. 10
By Zeyni Jafarov - Trend:
The Azerbaijan Insurers Association (AIA), with the organizational support of the Central Bank of Azerbaijan (CBA), is carrying out a large-scale training program with the help of experienced insurance employees of Turkey, Trend reports citing the AIA.
“The first direction of the training, which was attended by a large number of students, was devoted to the actuarial specialty in the insurance sector. Actuarial trainings for insurers, which play an important role in ensuring financial stability, are conducted in accordance with international practice. One of the important projects of the Central Bank of Azerbaijan is to increase the knowledge and skills of actuaries in taking steps to move to risk-based regulation and control, as well as adapting to international experience,” said the association.
In January 2021, it is also planned to conduct trainings on such important areas in the financial sector as Solvency II, IFRS-17, underwriting, reinsurance, and loss regulation, read the AIA’s message.
The main goal of this project, implemented under an agreement reached between the CBA, AIA, and the Turkish TSEV fund, is to develop human resources in the insurance sector, increase the number of professional personnel and, as a result, ensure sustainable development of the insurance sector in Azerbaijan, as well as protect the rights of insurance consumers services.
"The actuarial training provided by the program consists of four stages and includes examinations at the end of each stage. Trainings and related exams are organized online by the staff of the Turkish TSEV Foundation," said the association.
The Turkish Insurance Association has been operating since 1900, that is, for 120 years, and is the regulator of the insurance sector of Turkey.
The Azerbaijan Insurers Association was registered on December 29, 2006.
Today, 21 insurance companies and one reinsurance company operate in Azerbaijan.