Azerbaijan, Baku, Dec. 20 /Trend, U.Ismayilova/
Azerbaijan will introduce certification of actuarial activity within strengthening life insurance operations in the country, Namig Khalilov, the head of the Azerbaijani State Insurance Supervision Service, said.
"At present, the Azerbaijani State Insurance Supervision Service works to develop this sphere," Khalilov said.
He said that a special program for actuaries is under implementation. It consists of six courses. The first four of them have already been completed. The remaining two courses will be held in 2011.
"After completing these courses, the problem with shortage of staff - actuaries will be eliminated," he said.
Khalilov said that the activity of actuaries will also be useful for the insurance supervisory body. It cannot always carry out inspections. The actuaries themselves will regularly provide reports on the company's financial position.
After making the amendments to the law, the financial statements of companies will be confirmed by the signature of actuaries. Today, reports are confirmed by the signature of the heads of the companies.
An actuary is a specialist who evaluates the value of insurance rates and the reliability of an insurer on the basis of statistical data and mathematical methods based on probability theory and statistics.
Roughly 27 and one re-insurance companies operate in Azerbaijan.
The official exchange rate is 0.7987 manat to $1.