Process of licensing third Azerbaijani life company close to completion

Azerbaijan, Baku, Jan. 7 / Trend U.Ismayilova /

JSC Pasha Heyat Sigorta, a specialized life insurance company will start operating in Azerbaijan since early 2011, with its license expected to be issued in the first half of January, Pasha Sigirta CEO Nofel Rzayev said on Friday.

"The licensing process takes 30 to 60 days and this period is to be completed in the first half of January," Rzayev said.

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, he said. The company will begin official activities following its acquisition of a license from the State Insurance Service.

At present, there are two specialized companies for life insurance in Azerbaijan, namely Ateshgah Heyat and Qala Heyat.

Based on the law on "insurance activity", only specialized companies can be engaged in life insurance after March 2011.

Pasha Heyat Sigorta enters the market with a capital of seven million manat. Accordingly, it will be the most capitalized company on life insurance in the country.

The Finance Ministry's requirement for the capitalization of the newly established insurance companies is at the level of five million manat. Pasha Heyat Sigorta's sole shareholder is Pasha Holding.

The company's initial portfolio will consist of charges for life insurance, which will be shaped today by Pasha Sigorta.

Rzayev said Pasha Sigorta has permission for life insurance and this portfolio, formed at about 300,000 manat, will be transferred to the 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.

Mursal Rustamov has already been appointed chairman of the Board of 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 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, and it is among the country's three leading insurers in terms of capitalization, maintaining, at the same time, one of the highest profit levels in the country's insurance sector.

Pasha Sigorta has been certified by Moody's as having attained the ISO 9001:2000 standard since 2007. Pasha Sigorta is also a participant of the U.N. Global Compact Initiative for the protection of human rights, the environment and countering corruption.

The official exchange rate is 0. 7977 manat to $1 Jan. 7.

Russian shipbuilding corporation plans to start construction of ships in Turkmenistan
Russian shipbuilding corporation plans to start construction of ships in Turkmenistan
Uzbekistan boosts grape exports to Russia in September
Uzbekistan boosts grape exports to Russia in September
Uzbekistan, Afghanistan buy aviation kerosene on Turkmen exchange
Uzbekistan, Afghanistan buy aviation kerosene on Turkmen exchange
Loading Bars
China launches Chang'e-5 to collect, return moon samples
UN working on deploying mine clearance mission to Nagorno-Karabakh
UN says US’ decision to withdraw from Open Skies Treaty is regrettable
Number of COVID-2019 cases across globe up by over 542,000 in past day
Uzbek-Chinese construction enterprise eyes increasing production
Demand for Turkish steel growing on Turkmen construction market
Total 10M2020 capital of Turkey-registered Azerbaijani companies revealed
Azerbaijan’s Baku Metro opens tender to buy equipment
Iran exports to CIS hit $692mn in six months: TPO
Flag of Azerbaijan raised at former secondary school of Gulabli village in Aghdam (PHOTO/VIDEO)
Teimur Radjabov defeats Levon Aronian at Skilling Open tournament
Ukrainian president retests negative for COVID-19
Turkey summons EU, Germany, Italy envoys after interception of Libya-bound commercial vessel
President Ilham Aliyev raises Azerbaijani flag in Aghdam city (PHOTO)
Georgian gov't administration head Natia Mezvrishvili resigns
EU promises 217 mln USD to debt relief for 29 poorest countries
It is time to rebuild, heal and revive Azerbaijani Fuzuli city - Algerian Ambassador (PHOTO)
President Ilham Aliyev and first lady Mehriban Aliyeva visit liberated from occupation Aghdam city (PHOTO)
Meeting with the leadership of the Interstate Television and Radio Company “Mir”
Turkmenistan participates to the 2020 Afghanistan Conference
Mine explosion in Karabakh injures Russian officer on search mission
Azerbaijan's Culture Ministry urges French cultural figures to be honest and impartial
Baku Metro, Almetcon LLC sign contract on installation of aluminum windows
Georgian Poti Free Industrial Zone talks about ongoing projects
Azerbaijan expects growth of pomegranate yield
Iranian Energy Exchange announces products to be on sale November 24
Azerbaijani First VP Mehriban Aliyeva shares footage from Aghdam (VIDEO)
Growth of monetary aggregates observed in 9M2020 - Central Bank of Azerbaijan
Iran preparing to use water reservoir on Araz River on border with Azerbaijan
Main source of self-financing for Tbilisi City Hall to be tax revenues
Azerbaijan to make amendments to e-mortgage & loan guarantee system
Lufthansa to resume flights to Iran
Azerbaijan investigating criminal case against Armenian ex-minister
CoE approves trilateral declaration to end all hostilities between Armenia and Azerbaijan
Goods stuck in Iran customs exceed 550,000 tons
Iran claims its COVID-19 death toll to decrease next month
Iran’s Bahar Azadi gold coin price starts to rise
Uzbek currency rates for November 23
Turkmen Ministry of Construction extends tender for construction of checkpoints
Iran reveals investments for Markazi Province
Azerbaijani consumers prefer to buy car on credit - expert
Kazakhstan to establish facilities around big plants in Kyzylorda region
Azerbaijan to initially organize educational tourism in liberated districts - state agency
Expert explains Iran's current limits with its oil, oil product exports, revenues
Iran-Afghanistan, Khaf-Herat railway to open soon
Kazakhstan decreases exports to Netherlands amid COVID-19
Georgian Tskali Margebeli company may increase prices of products
Uzbek commodity exchange trading floor opened in Ukraine
Innovative Technology Park in Uzbekistan starts developing robots production
Azerbaijani mortgage fund issues regular bond interests
Prices of old apartments decline in Georgia
Azerbaijan confirms 634 more COVID-19 recoveries
Turkmenistan's Turkmentehnogurlusyk opens tender for audit
Turkey announces commissioning date for logistics center in Kars province
Iranian tourists reduce visits to Turkey amid COVID-19 pandemic
Azerbaijani organizations to benefit from Visa's updated Fast Track program
Azerbaijan discloses revenues from passenger, cargo transportations via TRACECA
Toyota leads re-exported vehicle brand from Georgia
Iran to launch Bostanabad-Tabriz railway line
Kazakhstan increases imports from France despite COVID-19
Transportation of Caspian oil via Baku-Supsa pipeline increases
Tbilisi’s residential property sales marginally down in October
Kazakhstan and Turkmenistan holding negotiations on possible gas supplies
Kazakhstan to build desalination plants in Mangystau region
Iran to allocate funds for the rehabilitation of Anzali Wetland
Iran to distribute domestic COVID-19 vaccine by summer of 2021
Netanyahu met Saudi crown prince, Pompeo in Saudi Arabia on Sunday
Citizens of Russia and Ukraine will be able to return from Azerbaijan to their homeland
Lithuanian - Turkmen cooperation not affected by COVID-19
Rompetrol opens its flagship station in Georgian Borjomi
Lithuania interested in developing co-op with Turkmenistan in transport sector
Azerbaijan’s AzerGold to pay investor fee on placement of second tranche of bonds
Iran discloses number of licenses issued in Mazandaran Province
Fitch Ratings forecasts growing share of problem loans in Azerbaijan
Deputy minister talks tree-planting campaigns in liberated lands of Azerbaijan
Azerbaijan boosts import of cars in 10M2020
Azerbaijan strengthens preventive measures related to coronavirus in justice system – Justice Ministry
Death toll from coronavirus pandemic in Iran surpasses 45,000
Gold, copper ores output decreases in volume in Kazakhstan
Iran eyes to link Persian Gulf with Caspian Sea via railway
Kazakhstan's revenue from maritime cargo transport increases
Azerbaijan aims to put Armenian ex-defense minister on int'l wanted list
Azerbaijan establishes Nagorno-Karabakh Regional Department of Justice Ministry
Uzbek-Korean JV announces tender for transport services
Russian shipbuilding corporation plans to start construction of ships in Turkmenistan
Iran reveals forecast on employment for Lorestan province
Ambassador Manig: Germany will strengthen Council of Europe by focusing on initiatives enabling better protection of citizens (INTERVIEW)
Batch of new Hyundai buses delivered to Turkmenistan
Uzbek commodity exchange to buy tires via tender
Azerbaijan ramps up exports to CIS countries
Ceyhan terminal transships 188 million barrels of ACG oil
Iran discloses balance of bank loans
Azerbaijani State Fire Control Service begins work in liberated districts
Uzbekistan boosts grape exports to Russia in September
Uzbek chemical enterprise starts commissioning of new fertilizer plant
Uzbekistan’s Jizzax Organic to import cattle from Europe
Uzbek Jizzax Organic predicts increase of purebred sheep herds in Uzbekistan
Famous UK-based poetess of Azerbaijani origin appeals on Armenian ecological terror (VIDEO)
Volume of gold exports stops growing in Uzbekistan
Iran doing research on several types of COVID-19 vaccines
All news