Azerbaijan, Baku / Trend corr. U.Ismaylova / Licenses with no expiration date will be issued to Azerbaijani insurance companies, Namig Khalilov, the head of the Department of State Insurance Supervision of the Azerbaijani Finance Ministry, said.
"The introduction of no expiration date licenses for insurance creates supplementary conditions in insurance for the population," Khalilov said.
The 29 insurance companies operating in Azerbaijan receive a five year license from the Azerbaijani Finance Ministry.
The company must appeal to the Ministry after the license expires. If a client appeals to the company a month before the expiration of the license and know about this during the signing of the contract then the client may refuse the services of the company.
The Azerbaijani Ministry of Economic Development submitted the proposals to introduce no expiration date licenses for some types of insurance.