Azerbaijan, Baku, Oct. 28 / Trend , A.Akhundov , N.Ismayilova /
A group of companies Ata Holding is planning to open in Azerbaijan a new life insurance company with initial capital of 7-8 million manat, Chairman of the holding Farid Assadov told journalists on Friday. Earlier, the company planned to enter the market with initial capital of 5 million manat.
"Initially, we planned to create a company with a capital of 5 million manat, but the issue will be reviewed, and capital can be increased to about 7-8 million manat," he said.
The Azerbaijani Foreign Ministry's requirement to the capitalization of the newly established insurance companies now stands at 5 million manat.
He said not the insurance company as previously assumed, but the holding will be the founder of new life-insurance company.
"After removing all the shortcomings in the documentation, we re-submitted them to the Finance Ministry and expect to obtain a license for the company's activities," Assadov said.
Today, three life insurance companies operate in Azerbaijan. Ateshgah Heyat(with a capital of 3.3 million manats) , Qala Heyat 3.5 million manat) and Pasha Heyat (7 million manat) were licensed to provide services for compulsory insurance on labor ability loss in production.
The State Insurance Supervision Service considered appeals for establishing a life insurance company received from AzSıgorta, Alfa Sıgortaand Standard Insurance, and already returned for completion.
The International Insurance Company and "Azerbaycan Senaye Sıgorta" have similar plans.
The official exchange rate is 0.7869 manat to $1 on Oct. 27.