(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 13. Criterion for
classifying systemically important insurance businesses have been
accepted in Azerbaijan, Trend reports.
Governor of the Central Bank of Azerbaijan (CBA) Taleh Kazimov
signed a decision to approve the“Criterion for evaluating an
insurer as a systemically important insurer.”
According to the decision, insurance companies meeting the
following criteria will be considered systemically significant
insurance companies: those with 20 percent of the total asset
weight, 10 percent of insurance premiums, 10 percent of insurance
contracts, insurance company obligations to financial
organizations, assets placed in financial organizations, and
reinsurance shares at 6.67 percent, as well as insurance
(reinsurance) shares for special types of insurance at 30 percent,
and diversity of the insurance (reinsurance) portfolio at 10
percent.
An insurer's systemic relevance is measured using annual reports
from the previous three years (one for each year).
If the insurer has been in business for less than three years,
the annual reports for the years it was active are utilized as a
foundation.
The CBA Board will adopt the list of systemically significant
insurers on an annual basis by March 1.
Stay up to date with more news on Trend News Agency's
WhatsApp channel
MENAFN13022024000187011040ID1107844553
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.