Azerbaijan's insurance supervision does not receive repeated appeals to establish life-companies

Business Materials 28 September 2011 17:33

Azerbaijan, Baku, Sept. 28 /Trend, A.Akhundov/

State Insurance Supervision Service of the Finance Ministry of Azerbaijan has not received repeated appeals on establishment of life insurance companies, sector head at the Service Mahir Abdullayev told Trend on Wednesday.

"We have returned the appeals of companies for revision, since there were shortcomings in the documents and submitted them our remarks. They have not appealed again yet," said Abdullayev.
In accordance with the Law on Insurance Activity, the license for insurance and reinsurance activities of the new company is issued for five years. The appeal for a license is considered by the Supervisory Service.

Relevant appeals were earlier received from companies AzSığorta, Alfa Sığorta, Ata Sığorta, Standard Insurance. The International Insurance Company, Azərbaycan Sənaye Sığorta Company have similar plans.

Today in Azerbaijan, there are three life insurance companies - Atəşgah Həyat, Paşa Həyat, Qala Həyat.

Official exchange rate on Sept. 28 is 0.7869 AZN/USD.