Azerbaijan, Baku, 30 March / Trend corr. U.Ismayilova / The Azerbaijani insurance company Azergarant, specialized on Non-life insurance, is not ready to introduce the Life insurance. This type of insurance was envisaged in the new Bill on Insurance activity, which came to force in the mid of March, Shukur Huseyinov, the Deputy Chairman of the company, said on 30 March.
"Life insurance requires a specific approach and we are not going to introduce this type of insurance yet," Huseyinov said.
Under the new Bill, the insurance companies will be divided into Life and Non-life companies within three years. Life companies will render an accumulative insurance with minimum term (two years) to insurers.
According to Huseyinov, opening of daughter Life company will be possible after ending of three years transferring period. Presently, the company is developing plans for efficient Non-life insurance.
Huseyinov said the company was prepared to welcome foreign founders as the company became OJSC. The company will license its 22 official agents, which will able to develop professionalism among agents.
Azergarant has been operating since 1993, and renders 26 types of insurance, four obligatory. The company's authorized capital totals AZN 1mln.
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