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

Azerbaijani insurance companies to pay over AZN 2 mln to FIMSA in 2017 - RESEARCH This amount was determined on the basis of insurance premiums for the year 2016
Finance
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April 20, 2017 15:09
Azerbaijani insurance companies to pay over AZN 2 mln to FIMSA in 2017 - RESEARCH
Report

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.

No. Insurance companies Insurance premiums, AZN
(2016)
Annual fee to be paid to FIMSA, thsd. AZN
1 A-Group Insurance 12 784 855,23 59 493,99
2 AXA-Mbask 21 968 752,00 123 781,26
3 Atainsurance 9 288 975,37 37 155,90
4 Ateshgah Life Insurance 37 435 501,39 279 790,52
5 Ateshgah Insurance 39 814 927,05 278 149,27
6 Azinsurance 22 720 978,28 129 046,85
7 Azerinsurance 41 224 916,00 292 249,16
8 Azerbaijan Industry Insurance 6 414 551,09 25 658,20
9 Baku Insurance 941 365,90 3 765,46
10 Bashak Inam Insurance 547 761,16 2191,04
11 Gunay Insurance 2 637 651,52 10 550,61
12 Mega Insurance 20 272 711,13 111 908,98
13 PASHA Life Insurance 77 678 739,32 722 466,13
14 PASHA Insurance 100 012 147,26 880 121,47
15 Gala Life Insurance 31 737 938,00 217 117,32
16 Ravan Insurance 1 018 518,88 4 074,08
17 Standard Insurance 20 326 929,76 112 288,51
18 Xalq Insurance 9 846 652,10 39 386,61
19 Gala Insurance 4 643 567,35 18 574,27
20 Silkway Insurance 19 148 016,96 104 036,12
21 Amrah Insurance 62 553,51 250,21
Total 480 528 009,26 3 452 055,96

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