In what cases should insurers keep records?

12:23 - 14.06.2019


June 14, Fineko/abc.az. The general provisions of the Law on Insurance of Insurers & Brokers contain a number of paragraphs.

Those paragraphs say that insurers and brokers keep statistical and accounting records on financial and economic activity and submit reports in compliance with the procedure established by law. The accounting records and financial statements of the insurer should be recorded together with the operations and financial condition of its branches. During the quarterly or annual statements the insurer presents the total accounting balance and the report on financial results with the accounting records of the branches.

Also, regulatory legal acts determine the procedure for the preparation and submission to the appropriate executive authority the reports and other information on the financial stability and solvency of the insurer arising from this Law.

 

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