Azerbaijan, Baku, 3 April / corr Trend U.Ismayilova / Az Sigorta, one of the biggest insurance companies of Azerbaijan, intends to open its daughter company Life-company, which is stipulated by the Law on Insurance activities, Khayal Mammadkhanli, the General Director of the company, said on 3 April.
"The establishment of Life Insurance company is a part of the company's upcoming plans", he said.
The new law on Insurance Activities came into force on 15 March. In accordance with this law, insurance companies will be divided into Life and Non-life Insurance companies (over three years). Life Insurance companies will offer insurers accumulative insurance with minimum of two years.
Mammadkhanli said that at present the company is not involved in life insurance, but only insurance from tragic incidents.
Functioning since November 2006 Az Sigorta renders 28 types of insurance services, including three obligatory ones. For the first time as a result of 2007, the company entered top ten of the leading insurance companies of Azerbaijan for the amount of premiums totaling $5mln.
The correspondent can be contacted at [email protected]