Azerbaijan, Baku, 30 March / Trend corr. U.Ismayilova / The Azerbaijani insurance company Gunay Anadolu Sigorta is not to open the daughter Life company, Mehman Aliyev, the Deputy Director General of the company, stated on 30 march.
The new Bill on Insurance activity came into force on 15 March. Under the new Bill, insurance companies will be divided into Life and Non-life companies within three years. Life company will be able to render accumulative insurance with minimum term (two years) to insurers.
According to Aliyev, there is no attractive entity in Azerbaijan to invest funds from accumulative life insurance and return back the sum after run of the insurance term.
"If the Ministry to charge companies to open the daughter Life company, then we will open it," Aliyev said.
Gunay bank and Turkish insurance company Anadolu Anonim are founders of Gunay Anadolu Sigorta. The company is working with re-insurance companies Munich Reinsurance Company ( Germany), Swiss Reinsurance Company ( Switzerland), Cologne Reinsurance Co. Ltd ( Germany), Assicurazioni Generali S.P.A. ( Italy), Royal & Sun Alliance Reinsurance ( Britain), American Re- Insurance Company ( United States) and Scor Reinsurance (France).
The correspondent can be contacted at: [email protected]