Azerbaijan, Baku, Dec.27 / Trend, U.Ismayilova /
Azerbaijani Life-company - Qala Heyat is not going to attract additional foreign investments for the company's development, Chairman of the Board of the company Abbas Babayev said at a press conference today.
"At the first stage of its activity the company will develop at the expense of its shareholder, the only reinsurance company in the country AzRe TekrarSigorta," Babayev said.
According to him, the company's main goal is the active development of life insurance in Azerbaijan, but if in future there will be a need, the possibility of attracting foreign capital is not excluded.
At the first stage the company will render mainly services on compulsory insurance and disability resulting from occupational diseases and accidents at work. Today the company has already signed its first agreement with another insurance company Qarant Sigorta.
In the future, according to Babayev, the introduction of compulsory life insurance will become a serious impetus to the development of voluntary life insurance.
The shareholder of Qala Heyat, the second Life-company in Azerbaijan after Atesgah Heyat, is the only reinsurance company AzRe TekrarSigorta. The company has a license to render five types of voluntary services (from accidents, on age, disability, from incurable diseases and insurance of life of mortgage borrowers), as well as one type of compulsory service (from disability resulting from occupational diseases and accidents at work). The authorized capital of the company is 3.5 million manat. As of Jan.1, 2013 the company's capital will be raised to five million manat.
The official exchange rate on Dec.27 is 0.7985 manat.