Attention to Troubled Insurers

Control of the troubled insurance companies will be at a higher level than at present. According to the Head of State Insurance Supervision Service under the Ministry of Finance (SISS) Namik Khalilov, this will be possible on the basis of cooperation with the Center of Toronto (Canada) International Seminar.

The week-long event, which ended the day before, in addition to local experts, was attended by those from Canada, Australia, Slovakia, Sri Lanka, and Belarus. As the leading specialist of SISS Orkhan Bayramov told Turan, Azerbaijan seeks important international experience on the best schemes of corporate governance and how to implement it. One of the reasons that could draw a representative group of experts to Baku is that the President of the Centre in Toronto is our countryman, financier Babak Abbaszadeh.

Speaking at a seminar, the known expert Oliver Rijkaard told about the problems in the management of the largest insurance companies in the world, whose budget is 2-3 times higher than the state budget of Azerbaijan, and the level of economic stability for many years is based on three A. According to him, the reliability of insurers requires important a government regulator.

The speakers included the head of SISS Namik Khalilov.

The State Insurance Supervision Service of the Ministry of Finance of Azerbaijan was established by the order of the President of the country on February 9, 2009 and is engaged in the regulation of the insurance market of Azerbaijan. - 17D-