Baku, Fineko/abc.az. Azerbaijan is likely to encounter sharp activation of actuary business that will become an outcome of approval of the Law on Compulsory Insurance against Industrial Accidents, Loss of Labour Capacity, & Occupational Diseases endorsed by the Azerbaijani President.

Sadig Mansurov, executive director of the Azerbaijan Association of Actuaries, informs that if to compare the current situation with the one formed two years ago, one can see that actuary business in Azerbaijan achieved certain level of development.

“Due to training programs and international specialists, we succeeded to improve actuary business in the country. These days (on 2 July) the President of Azerbaijan endorsed the law stipulating compulsory insurance against industrial accidents and loss of labour capacity. Such insurance agreements will be signed by life assurance companies which should have an actuary in their personnel. Hat will become a push to foster further actuary business in Azerbaijan,” Mansurov said.

Under the presidential decree, application of the law was entrusted upon the Cabinet Ministers, the Ministry of Finance and the Ministry of Labour & Social Protection, and the State Statics Committee.

For three-month term the Cabinet is to submit proposals on bringing valid legislation and standard acts in compliance with the approved law. The Cabinet must also inform the President of the fixed insurance tariffs on this type of compulsory insurance, the rules of calculation of insured employees’ wage fund, the rules of monthly insurance fees and average wage, and the rules of lump-sum insurance payment.

Under the Law, insurance tariff for such insurance cannot exceed 2% of wage fund at an enterprise, but it is fixed by an authorized organ of executive power. Payments are fixed in percent ratio to average size of wage depending on damage degree. Insurance agreements are signed every year until 1st December of the previous year.

The Law envisages that an insured accident will also concern death of an individual on the shop floor as well.

Under the Law, insurance tariff will make up to 2% of wage fund at an enterprise, too. Tariffs regarding separate sectors will be defined directly by a relevant body of executive power. In compliance with the Law all employers should provide insurance for their employees.

08.07.2010 16:18