Azerbaijani insurance company forms new management team
Azerbaijan, Baku, Dec 13 /Trend A.Akhundov/
Azerbaijani insurance company Royal Sıgorta registered at the Taxes Ministry in October, now forms its management team.
Azerbaijani Finance Ministry announced a list of candidates for executive positions in this insurance company, who have passed the appropriate test examination on Tuesday. CEO of Royal Sıgorta Nusrat Babayev, board member Elmar Hajiyev, Chairman of the Audit Commission Rashid Huseynov, Audit Commission member Rasim Gambarov, as well as actuary Mirvari Hasratova is included in the list.
The company has the right to obtain a license for insurance activity only after it completely meets corporate management standards, deputy chairman of the State Insurance Supervision Service Mushfig Israfilov told Trend on Tuesday.
"After compliance with corporate management standards and executing other provisions of law the company can obtain a license," Israfilov said.
The company Royal Sıgorta has already appealed to the ministry to get permission for insurance activities, State Insurance Supervision Service sector head Mahir Abdullayev told Trend earlier.
"Preliminary permission to establish the company is already available and a license is expected to be issued in the near future," Abdullayev said.
Royal Sıgorta will specialize on insurance services which are not associated with life insurance, Abdullayev said.
The Company was registered on Oct.11, 2011. Nusrat Babayev is a legal representative. The Supervisory Board was formed consisting of three members. It includes Shahbaz Shahbazov, Famil Teymurov and Farman Huseynli.
Five physical entities are the founders of the insurance company.
There are 28 insurance companies and one reinsurance company in Azerbaijan. At the same time the licenses of Fidan Sıgorta and Gunay Sıgorta for insurance activity are suspended. Azerbaijan also has three life insurance companies - Atesgah Heyat, Qala Heyat and Pasa Heyat.