Azerbaijan, Baku, June 24 / Trend A.Akhundov /
The State Insurance Supervision Service under the Azerbaijani Finance Ministry has no pending requests for the establishment of life insurance companies, Deputy State Service Head Mahir Abdullayev told Trend.
"We received several proposals, but they were not accepted in connection with the existing shortcomings in documents submitted for license obtainment; therefore these were returned for revision," Abdullayev said.
The Service received appeals from companies AzSıgorta, Alfa Sıgorta, Ata Sıgorta, and Standard Insurance. The International Insurance Company and Azərbaycan Sənaye Sıgorta also plan to open life insurance companies.
He said that the Service has submitted its comments and has returned company documents for completion.
"The service has not relived repeated appeals for the creation of life insurance companies," Abdullayev said.
There are only three life insurance companies licensed to provide life insurance services -Atesgah Heyat, Qala Heyat and Pasa Heyat. These operate in Azerbaijan today.
The premiums at Azerbaijani insurance companies for compulsory insurance on production labor ability loss reached 11.941 million manat in January-May 2011, or 37.12 percent more compared to January-April.
Total premiums on voluntary life insurance amounted to 1.344 million manat (1.55 percent of total fees), with payments of 77,274 manat (0.35 percent).
There were many premiums on life insurance worth 949,574,690 manat, with payments of 12,778 manat in Azerbaijan in January - May 2011.
Premiums on life insurance amounted to 394,211,350 manat, with payments of 64,496 manat.