New method of pay­ing mem­ber­ship fees of­fered to in­sur­ers

Azer News - - Nation - By Sara Is­rafil­bay­ova

The Azer­bai­jan In­sur­ers As­so­ci­a­tion (AIA) of­fers its mem­ber com­pa­nies a new method of pay­ing mem­ber­ship fees.

The AIA said in a mes­sage on July 11 that such an offer was made by Chair­man of the as­so­ci­a­tion Mustafa Ab­bas­bayli at the meet­ing of the as­so­ci­a­tion’s Su­per­vi­sory Board.

Un­der the new method, in­sur­ance com­pa­nies will pay mem­ber­ship fees to AIA ac­cord­ing to their share in the mar­ket.

“The size of the mem­ber­ship fees of each in­sur­ance com­pany for the new year will be de­ter­mined on the ba­sis of its fees in the pre­vi­ous year. We want the mem­ber­ship fees of in­sur­ance com­pa­nies to be com­men­su­rate with their share in the mar­ket,” the mes­sage said.

The pro­posal will be con­sid­ered by all members of the as­so­ci­a­tion, and af­ter that a fi­nal de­ci­sion will be made.

Presently, in­sur­ance com­pa­nies pay mem­ber­ship fees de­pend­ing on the com­pany’s cat­e­gory.

The as­so­ci­a­tion said that if now the mem­ber com­pa­nies are di­vided into two cat­e­gories, the new method im­plies their divi­sion into 10 cat­e­gories.

The AIA is a non-gov­ern­men­tal or­ga­ni­za­tion united on the ba­sis of com­mon in­ter­ests, unit­ing vol­un­tar­ily, based on the prin­ci­ples of the le­gal equal­ity of members, which does not in­tend to earn in­come as the main pur­pose of its ac­tiv­ity.

The as­so­ci­a­tion was es­tab­lished in De­cem­ber 2006.

As many as 27 in­sur­ance com­pa­nies and one rein­sur­ance com­pany op­er­at­ing in Azer­bai­jani mar­ket are members of the AIA.

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