Second life insurance company with foreign share holding to appear on Azerbaijani insurance market
Azerbaijan, Baku, March 16 / Trend U. Ismaylova /
The Azerbaijani insurance company Qarant Sigorta intends to establish a subsidiary dealing with only life insurance (Life-company) by late 2009, Vaqif Hasanov, chairman of the company's board, said on March 16.
"Qarant Sigorta insurance company will be founder of the company," Hasanov said.
Presently, Qarant Sigorta is also negotiating with several international financial organizations willing to get share in this company, he said.
Presently, Atesgah Heyat is the only registered company dealing with only life insurance on Azerbaijani insurance market. But this company is still inactive.
The law Insurance Activity adopted in March 2008 envisages establishment of individual Life-companies in Azerbaijan.
In November 2007, the Azerbaijani Finance Ministry licensed Qarant Sigorta. The company enters the ZQAN Holding. Qarant Sigorta offers 18 types of voluntary and 4 types of compulsory insurance.
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