Regulatory Alerts2015-02-10
Guideline on Actuarial Calculations (Appendix No. 17)
The Collegium of the Ministry of Finance of Azerbaijan issued Appendix No. 17 Guideline on Actuarial Calculations to standardize actuarial methods for life and non-life insurance tariffs, premiums, reserves, capital requirements, loss ratios, and individual exposure. The guideline mandates the use of statistically justified formulas, official macroeconomic indicators, and detailed risk classifications, while requiring insurers to review tariff calculations at least once every three years. It further establishes precise calculation methodologies for mathematical reserves, required and total capital, and IBNR, all subject to formal certification by qualified actuaries.
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