Azerbaijani insurance company to apply for new license
Baku, Azerbaijan, Nov. 25
By Azad Hasanli - Trend:
The PASHA Life insurance company will appeal to the ministry of finance of Azerbaijan to get an indefinite license until the end of the week, head of the press service of the insurance company Elnur Huseynguliyev told Trend Nov.24.
He said that the company currently operates under license received February 14, 2011. Its term expires in early 2016.
"Under the current law, the new license will be issued for an indefinite period," he said. "In order to get it, it is necessary to apply a month before the expiry of the current license, but we decided to apply earlier."
Since the beginning of PASHA Life's activity, its charter capital rose by 5.75 times to 40.25 million manats. For ten months of 2015, PASHA Life insurance fees totaled nearly 48 million manats, and the company took second place on this indicator ["PASHA Insurance" with 57.5 million manats of insurance premiums is the leader].
Life insurance market history in Azerbaijan dates back to 2011. The three insurance companies have license for life insurance in Azerbaijan - "PASHA Life", "Ateshgah Life" and "Qala Life".
There are 27 insurance companies and one reinsurance company in Azerbaijan.