Azerbaijan, Baku, March 28 / Trend, U. Ismayilova /
Azerbaijani insurance company Alfa Sigorta appealed to the Finance Ministry for a license to create a Life-company - Alfa Heyat, a source in the country's insurance market said on Monday.
"Alfa Sigorta appealed to the Finance Ministry in early February and is waiting for a response after completion of some process in accordance with the requirements of the law," the source said.
He said that the company will be created with a capital of five million manat, in accordance with the requirements of the Finance Ministry for anew created insurance companies.
"Alfa Heyat will be created by Alfa Sigorta's only shareholder Texnika Bank," the source said.
In the first phase the Life-company intends to mainly render services on compulsory insurance and insurance against disability resulting from occupational diseases and industrial accidents, and further on accumulative insurance.
Alfa Sigorta was founded by Texnikabank, which bought a 100 percent stake in the company in Dec. 2006. Alfa Sigorta is licensed to provide 30 kinds of insurance services, including 6 compulsory and 24 voluntary. The company's authorized capital hits 4.6 million manat.
At present, only three companies - Atesgah Heyat, PASA Heyat Sıgorta and Qala Heyat - render life insurance services.
The official exchange rate is 0.7932 manat to $1 on March 28.