Azerbaijan Insurers Association elects new Board Chairman

The general meeting of founders of the Azerbaijan Insurers Association (AIA) re-elected Ateshgah Sigorta Chairman Azer Aliyev the new chairman of the Association's Board for two years, the AIA reported. The agenda of the meeting, which was attended by 27 founders, included five questions.

The meeting discussed reports on the AIA's activities in the third quarter of 2010, financial reports on the repayment of debts of the fourth quarter of 2009 through the 2010-budget, financial reports on 2010, the insurers' debt  to the AIA and the question of  electing new chairman to the AIA.

The general meeting highly appraised Aliyev's activity as Chairman of the Supervisory Board [he was selected for a second term], and its success in this area. It was also noted that the AIA Board made a number of decision at its meeting held on Sept. 28, 2010, as well as decided that realization of the association's certain projects will be continued by Aliyev.

"Taking into account the above, all other candidates declined to participate in the contest for the Board Chairman post in favor of Aliyev. Thus, Aliyev was elected for the next two years," the report says.

The main purpose of the association is to assist the development of insurance companies, as well as re-insurance companies operating in Azerbaijan and development of their socio-economic, informational and other programs that enhance their knowledge in these areas.

According to the statute, each of the five members of the Supervisory Board chairs the Association alternately for a period of one year. The first chairman of the Association was Kamal Ibrahimov (Standard Insurance), second - Jamil Melikov (former chairman of MBASK).

Azerbaijan Insurers Association was established in December 2006. 27 insurance and one reinsurance company operate in Azerbaijan.


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