Azerbaijani insurance company completes first phase of creating new Life-company

Azerbaijan, Baku, Oct.19 / Trend, A.Akhundov/

Azerbaijani Insurance Company Pasha Sıgorta completed the first phase of creation of a new life insurance company, the company chairman Nofel Rzayev said..

"The first step includes obtaining permission to use the company's name. After completing the procedure of state registration the company will apply for a license. Now the company's legal registration process is underway," Rzayev said.

Earlier, Rzayev said Pasha Sıgorta plans to complete all works to create Life-company by late 2010.

"Under the Pasha Holding's three-year plan on strategic development of insurance business, it is planned to create a life insurance company by late 2010," Rzayev said.

He said According to him, there is no departure from the schedule of implementation of the plan on this item.  

According to Rzayev, Life-company's founder will be Pasha Holding. In accordance with legislative requirements, newly established companies' capital requirement is five million manat.

Pasha Sıgorta is a member of the group Pasha Holding. It offers 30 types of insurance services to corporate and individual clients. The company authorized capital hits 20 million manat. With total assets worth 28 million manat Pasha Sıgorta is among the country's three leading insurers in terms of capitalization, maintaining at the same time, one of the highest figures of the profitability in the country's insurance sector. Pasa Sıgorta is also a participant to the UN Global Compact Initiative for the protection of human rights, environmental protection and countering corruption.

Official exchange rate Oct. 18 is 0.8015 manat to $1.