Azerbaijani Insurance Company Attract International Institutes to Form Life Insurance Company
Azerbaijan, Baku, 21 April / Trend corr. U.Ismayilova / Qarant Sigorta, new Azerbaijani insurance company, will open its daughter Life insurance company in 2009, Vagif Hasanov, Chairman of the company stated.
"Qarant Sigorta has started its negotiations with international institutes to attract partners to form a Life insurance company," Hasanov said. Hasanov did not divulge the name of institutes.
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.
Hasanov added that the company seeks for partners due to lack of its own funds to open the daughter Life insurance.
Qarant Sigorta has been operating in Azerbaijan since November 2007. Company renders 18 voluntary and four obligatory types of insurance. The authorized capital of the company totals AZN 1mln. ZQAN holding is founder of the company.
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