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Actuaries to be licensed by the relevant state agencies in Azerbaijan

11 July 2011 14:59 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. The persons intending to operate as actuary will be licensed in Azerbaijan, head of the State Insurance Supervision Service under the Ministry of Finance Namig Khalilov said.

To him, many countries have claims over the fact that the records that represent insurance companies in the insurance supervisory authority, must be certified by an insurance actuary. The work is carried out in this direction in Azerbaijan: â€œThere is a program consisting of 6 parts connected with licensing of actuaries by the state body. 4 stages of it have already been finished. We are planning to end the rest 2 stages this yearâ€.

Note that, at present those wishing to work in insurance companies as actuaries, will receive a certificate after the date of the test exams. Next year, after the confirmation of amendments and annexes to be made to the law on Insurance activity, the activity of persons, working as actuary will be licensed by the appropriate state agency.

Actuary - an expert in assessing of the risks and losses of insurers.