Azerbaijan creates another life insurance company

Business Materials 18 February 2011 15:33 (UTC +04:00)

Azerbaijan, Baku, Feb.18 / Trend U. Ismayilova /

Azerbaijani insurance company Standard Insurance appealed to the country's Finance Ministry for permission to open a life insurance company Standard Insurance Life, Deputy Board Chairman Aydin Rahmanov said on Friday.

"At present, the company is preparing documents to create a company specializing in life insurance," Rakhmanov said. "After that, the company will appeal to the State Insurance Supervision Service to obtain a license," he added.

According to him, Standard Insurance Company is currently engaged in life insurance, but in accordance with the legislation it has this right until March 2011. After March only companies specializing in life insurance will have a license to provide life insurance services.

As the Chairman of the Board of Directors of the company Kamal Ibrahimov said earlier Standard Insurance first in the country's insurance market has become engaged in life insurance, and the first contract of long-term accumulative life insurance was concluded only with this company.

"At present, we have more than a dozen existing major customers and the same number of potential companies," Ibrahimov said earlier.

Standard Insurance has been operating since 2002. The company provides 28 types of insurance services. The authorized capital of the company is eight million manat. The company collected premiums worth 8.62 million manat with payments 2.22 million manat in 2010.

At present, only three companies render life insurance services - Atesgah Heyat, PAŞA Həyat Sığorta and Qala Heyat.

The official exchange rate is 0.7949 manat to $1 on Feb.18.