Azerbaijan, Baku, 1 May / corr. TrendCapita U. Ismayilova/ Two Azerbaijani insurance companies, Kavkaz Sigorta and Azergarant, have obtained permanent insurance licenses for the first time in line with the law on insurance, Namig Khalilov, head of the Insurance Control Department of the Ministry of Finances of Azerbaijan said on 1 May.
A Law on Insurance took effect on 15 March in Azerbaijan, as per the law the companies will be granted permanent insurance licenses. Earlier, the licenses were granted only for a period of 5years.
In 2007, the premiums of Kavkaz Sigorta totaled AZN1.7mln and Azergarant - AZN740,000.
There are 28 insurance companies and 1 re-insurance company in Azerbaijan.
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