First Daughter Company on Life Insurance to be Set up in Azerbaijan

Business Materials 31 March 2008 19:13 (UTC +04:00)

Azerbaijan, Baku, 31 March / Trend corr. U.Ismayilova / One of the largest insurance companies of Azerbaijan MBASK is to establish the daughter company on life insurance MBASK-Life, Jamil Malikov, MBSAK chairman said.

"Life insurance is difficult and demanded process. MBASK will set up a separate company and render life insurance services. We have experience on life insurance and now we render this type of insurance," Malikov said.

The new Bill came into force on 15 March. The Bill will define main directions and principles of development of insurance system, specialized participants of market, insurers and re-insurers, as well as to define economic grounds and right of state insurance regulator and supervisor.

As for 2007, MBASK signed 449 life insurance contracts in sum of AZN 1.457mln.

MBASK Insurance Company has traded in Azerbaijan insurance market since 1992. For 10 years spent on the market the company approved itself as a reliable and stable company. Now the company is enjoying a new period of strong expansion and growth.

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