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New life-company concludes first 10 agreements

Business Materials 16 February 2011 10:46 (UTC +04:00)

Azerbaijan, Baku, Feb.16 / Trend I. Khalilova /
JSC "PASA Heyat Sıgorta" signed ten agreements on compulsory insurance on labor ability loss in production on the first day of activity on the Azerbaijani insurance market, the company's CEO Mursal Rustamov told Trend.
"Despite the fact that the company only yesterday received a license for insurance activity from the Azerbaijani Ministry of Finance and started its activity, we have already concluded the first ten agreements," Rustamov said.
According to him, today PASA Heyat Sıgorta has permission to render services on compulsory insurance against accidents, and before the week it is planned to present new products to the market. Rustamov refused to disclose predictions on the volume of collections in the first year of activity. However, the amount of insurance collections of PASA Heyat Sıgorta also will expand from March due to the transfer of the portfolio formed by Pasa Sıgorta to it.

"Given that Pasa Sıgorta has permission to provide life insurance services until March, then this portfolio will be transferred to our company after the expiration of its license for this activity," Rustamov said. At the end of 2010, the portfolio was formed at about 300,000 manat.
PASA Heyat Sigorta is the most capitalized company among the life-companies. It entered the market with a capital of seven million manat.
Only shareholder of the new company is Pasa Holding. Paşa Sıgrta is a member of Pasa Holding.
In July 2010, Azerbaijani President Ilham Aliyev approved the law on compulsory insurance on labor ability loss in production. This type of insurance can be provided only by the specialized insurance companies licensed for life insurance.
Official exchange rate is 0.7954 manat to $1 on Feb.15.

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