Actuaries in the law

actuary
Actuaries have become an effective link in financial services. The head of state has approved amendments to the law “On State Duty”.

According to the amendments, the state fee for obtaining a certificate of conduct of actuarial activities determined in the amount of AZN 50.

According to the insurance legislation of Azerbaijan, from January 1, 2015 reports of insurance companies must be approved by an insurance actuary, which will be vetted and will receive a certificate at the Ministry of Finance.

Mandatory application of actuarial services in Azerbaijan is introduced for the first time. This profession is not exotic in Azerbaijan – each insurance company has at least one actuary. Representatives of the profession are mathematicians engaged in the development of methodology and calculation of insurance rates, bringing risks to the minimum payments.


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