Azerbaijani company intends to provide insurance on labor ability loss in production
Azerbaijan, Baku, Aug. 28 / Trend A.Akhundov /
The Azerbaijani only life insurance company Ateshgah Life intends to engage in insurance on labor ability loss resulting from occupational diseases and industrial accidents, Company CEO Ayten Huseynova told Trend.
The company appealed to the Azerbaijani Finance Ministry's State Insurance Supervision Service for permission to provide this type of insurance, Huseynova added.
"Based on the law, the insurance company should have a perpetual license for provision of life insurance, as well as approval from the relevant executive authority to operate precisely on this product. We have perpetual license and an application for permission will be sent in regular regime, "Huseynova said.
The company collected about 500,000 manat in 2009 and the figure was 600,000 manat in the first seven months of 2010. Ateshgah Life plans to collect 1.4 million manat premiums by late 2010
A group of companies Ateshgah established a company specialized in life insurance in 2009 in accordance with new legislation. Thus, Ateshgah Life is the first and only insurance company in Azerbaijan, dealing exclusively with life insurance. Shareholders are UK ISR Holding Ltd. and the company RAN-EXIM. Today, the company's authorized capital is 2.3 million manat.
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