Azerbaijan, Baku, March 29 / Trend U.Ismayilova /
The Azerbaijani insurance company Az Sigorta appealed to the Azerbaijani Finance Ministry for a license to create a Life-company - Az Heyat, a source in the insurance market said.
"The company appealed to the ministry in December 2010, but the documents were returned for revision," the source said.
The source said the company expects to obtain a license in the near future. Az Sigorta will act as the founder of Az Heyat. The company's capital will be formed at a rate of 5 million manat under the ministry's requirement to the newly established insurance companies.
Az Sigorta has been operating in the country's insurance market since November 2006. The company provides services for 35 types. Its paid share capital amounts to 9.446 million manat. The company's premiums for January- February amounted to 1.837 million manat with payments of 0.3 million manat.
Three life insurance companies - Atesgah Heyat, Qala Heyat and Pasa Heyat operate in Azerbaijan today.