Azerbaijani insurance companies to pay over AZN 2 mln to FIMSA in 2017 - RESEARCH

Baku. 20 April. REPORT.AZ/ The amount of fees to be paid by insurance companies to Financial Market Supervision Authority (FIMSA) this year has been determined on the basis of insurance premiums for the last year.

Advisor of the Chairman of FIMSA Board of Directors Rufat Abbasov told Report.

Notably, according to the regulation entered into force on April 19, the annual fee to FIMSA for Insurers other than life with an annual income of over AZN 30 mln is up to 1% of the amount exceeding AZN 30 mln, plus an additional AZN 180 000, for those with annual revenue AZN 10-30 mln - up to 0.7% of the amount exceeding AZN 10 mln, plus an additional AZN 40 000 and finally for the companies with annual revenues below AZN 10 mln - up to 0.4%.

Life insurers with annual revenues of more than AZN 30 mln will pay to the Chamber up to 1.1% of the amount exceeding AZN 30 mln, plus an additional AZN 198 000, those with an annual income of AZN 10-30 mln - up to 0.77% of the amount exceeding AZN 10 mln, plus an additional AZN 44 000, those with an annual income of less than AZN 10 mln – 0.44%.

In total, the annual contribution of 21 insurance companies to FIMSA is equal to AZN 3.452 mln. However, because the regulation entered into force on April 19, 2017, the companies will pay fees to the Chamber for next 8 months of the year, which make about AZN 2.3 mln.