Actuary Business Devoid Of License

BAKU, AZERBAIJAN (GaeaTimes.com)- Sadig Mansurov who happens to be the executive director of AAA (Azerbaijan Association of Actuaries) declared that the actuary business operating in Azerbaijan has no license. Speaking on the same note, he further mentioned that it has been a year since the country had a licensed actuary business.

In his opinion there are in total 30 actuary business which operates in Azerbaijan. According to the law, any organization seeking an actuarial activity license shall have to pass four compulsory courses of actuarial science. Moreover, it’s also mandatory to pass a certification from the Insurance Supervision Service of the Azerbaijani Ministry of Finance before one can be handed the actuarial business license. It was a couple of years back in 2008 when 13 actuaries were granted international business certificates. Azerbaijan is aiming for the activation of license for the actuary business which is said to be an aftermath of a bevy of laws imposed upon the business section in the country. This includes the Law on Compulsory Insurance against Industrial Accidents and the Loss of Labor Capacity Law which was endorsed by the President itself. In spite of that the actuary business have witnessed huge development in Azerbaijan.

Sadig Mansurov is of the opinion that the training programs offered by international specialists have helped the county to make a mark in actuary business. It was the President of Azerbaijan who had enforced the law of compulsory insurance for all industrial accidents that triggers the loss of labor capacity. This has also acted as a boost for the actuary business. The law was signed by major life assurance companies who in turn also has an actuary under their belt of operation.