Azerbaijan, Baku, Dec. 13 / Trend K.Zarbaliyeva /
A specialized life insurance company will operate in Azerbaijan since early 2011. JSC Pasha Heyat Sigorta is expected to receive a license to start insurance activities in late December. Pasha Sigirta CEO Nofel Rzayev said. Today, there are two life-insurance companies Ateshgah Heyat and Qala Heyat in Azerbaijan.
Based on the law "On insurance activity" only specialized companies can be engaged in life insurance after March 2011
"Pasha Heyat Sigorta has already passed the state registration in the Taxes Ministry based on the authorization of the State Insurance Supervision Service under the Finance Ministry," Rzayev said. "The company will begin official activities following the obtaining a license from the State Insurance Service, which is expected by late December."
He said the legal and technical work is underway to meet the requirements of the insurance legislation.
Pasha Heyat Sigorta also registered the prospectus of its shares at the State Securities Committee in the amount of 7 million manat in nominal value of 1,000 manat each share.
"The company's sole shareholder- the Pasha Holding has made a decision on the formation of such capital, despite the Finance Ministry's requirement for the capitalization of the newly established insurance companies at the level of five million manat," Rzayev said.
Despite the availability of different options, the capital of 7 million manat was chosen for the Pasha Heyat Sigorta for the company's successful activity with a normal material and technical base, with an opportunity to improve human resource capacity and for a decent reference of partnerships with international insurers. Pasha Heyat Sıgorta will be the most capitalized company on life insurance in the country.
The company's initial portfolio will consist of charges for life insurance, which is shaped today by a company Pasha Sigorta.
Rzayev said Pasha Sigorta has permission for life insurance, and this portfolio formed at about 300,000 manat, will be transferred to life-company. In addition, Pasha Heyat Sıgorta is developing new products which will be announced after obtaining the license, as well as its plans within the approved three-year business strategy.
At present, the company's board members pass training sessions.
Mursal Rustamov has already been appointed Chairman of the Board of the Pasha Heyat Sıgorta and Niyaz Ismayilov his only vice. Ismayilov is also the chief technical director of the company.
Pasha Sigorta is a member of the Pasha Holding. It offers 31 types of insurance services to corporate and individual clients. The company's authorized capital is 20 million manat. With total assets of 28 million manat, Pasha Sigorta is among the country's three leading insurers in terms of capitalization, maintaining at the same time one of the highest profit levels on the country's insurance sector.
Pasha Sigorta has been certified by Moody's as having attained the ISO 9001:2000 standard since 2007. Pasa Sigorta is also a participant of the U.N. Global Compact Initiative for the protection of human rights and the environment and countering corruption.