Standard Insurance to Open its Daughter Life Insurance Company

Business Materials 2 April 2008 13:56 (UTC +04:00)

Azerbaijan, Baku, 2 April / Trend corr. U.Ismaylova / Standard Insurance, one of the biggest insurance companies of Azerbaijan, is going to open its daughter Life Insurance company envisaged by the new Bill on Insurance activity- which came to force in mid of March.

"Standard Insurance has started trainings its staff, developed programs and products for life insurance," Aydin Rahmanov, the Deputy Manager of Standard Insurance, stated.

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

So far, Standard Insurance has signed four agreements on Life insurance with total sum of AZN 170,000.

Standard Insurance received the highest financial rating B1 for private financial sector of Azerbaijan with positive forecast from Moody's Investors Service agency. In case of favorable market situations, the company expects improvement of these results by mid 2008. Standard Insurance Ltd, operating at insurance markets of the country since 2002, presents services on 25 types of insurance. Paid stock capital of the company comprises AZN 8mln. Standard Insurance collected premiums in amount of AZN 4.7mln from January to March.

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