Courses for local actuaries, which began this week under the auspices of the Ministry of Finance and the Association of Insurance Companies of Azerbaijan, look more relevant against the background of the amendments to the law "On insurance".
According to the document, the term "actuary" has received a residence permit in the legislation. The new version of the law has a clause governing the rights and obligations of the insurance actuaries. Local professionals of this sphere (more mathematicians than financiers) will give legal recommendations on the methods and sources of the formation of insurance reserves and will provide services to ensure the financial stability and solvency assessment of the company. Their functions also include the calculation of insurance rates and the development of methodology for economic assessment, classification and investigation of insurance risks in accordance with the insurance classification.
They will substantiate the economic feasibility of the terms of voluntary insurance, determine the insurer's debt limit in life insurance and consult the management on actuarial calculations and the intricacies of submission to the Ministry of Finance (Service for Insurance Supervision) of the actuarial reports.
Certified holders of the profession should have a college education. Resolution on the profession is valid for a period of 5 years and confirmation certificates are issued within 10 calendar days.
This profession develops and becomes more topical against the urgent development and growth of the insurance market. Insurers Association previously limited to local courses will now let actuaries often go for training abroad. - 17D-
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- Economics
- 31 October 2013 14:03
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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