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Two more companies to receive perpetual license for insurance activity in Azerbaijan in 2011

Business Materials 2 July 2011 13:36
Azerbaijan's Finance Ministry has issued perpetual licenses for insurance activity to 16 out of 29 insurance companies operating in the country (including a reinsurance company) so far, the State Insurance Supervision Service under the Finance Ministry told Trend on Saturday.

Azerbaijan, Baku, July 2 / Trend, A.Akhundov /

Azerbaijan's Finance Ministry has issued perpetual licenses for insurance activity to 16 out of 29 insurance companies operating in the country (including a reinsurance company) so far, the State Insurance Supervision Service under the Finance Ministry told Trend on Saturday.

The last such license was issued to Pasa Sıgorta on July 1, 2011.

In accordance with the law "On insurance activity", which came into force in March 2008, license for the insurance activity in the country is issued today for an unlimited period, whereas previously they were issues for a period of five years. The newly created companies receive the first license for five years.

Companies can apply for a perpetual license after expiration date of the existing license. Today, the State Insurance Supervision Service renewed16 companies' licenses for insurance activity, and the licensing process of other companies in accordance with the new legislation will be fully completed in 2016.

The term of the licenses of two insurance companies (AzSgorta and Basak-Inam Sıgorta) expires in 2011, seven insurance companies (Temz Sıgorta Qrupu, Atesgah Sıgorta, Azerbaycan Senaye Sıgorta, Meqa Sıgorta, Beynelxalq Sıgorta Sirketi, Qarant Sıgorta, Standard İnsurance) and only re-insurance company AzRE - in 2012, two companies (Alfa Sıgorta and Qala Heyat Sıgorta) - in 2013, Pasa Heyat Sıgorta - in 2016.

The total premiums of all insurance companies operating in the country amounted to 86.453 million in the first five months (29.2 percent-increase per year) and payments during the reporting period hit 22.195 million manat (19.9-percent increase).
The official exchange rate is 0.7867 manat to $1 on July 2.

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