Azerbaijan, Baku, Jan.18 / Trend A.Akhundov /
The Azerbaijani life insurance company Pasha Heyat Sigorta plans to open two new offices in the country's regions in 2012, Deputy Chairman of the company Niyaz Ismayilov told Trend on Wednesday.
"We have an office in Sumgait and plan to open new offices in Ganja and the northern part of the country in 2012," Mr Ismayilov said.
He said that the company plans to increase amount of the authorized capital up to 12 million manat in 2012.
"The capital is planned to increase due to the income, as well as the funds of the company's only founder," Mr Ismayilov said.
Pasha Heyat Sigorta is the most capitalized life company in Azerbaijan. It entered the market with capital at 7 million manat in Feb, 2011. The only shareholder of the new company is Pasha Holding.
Today, three life insurance companies operate in Azerbaijan which got licenses to render services for compulsory insurance on labor ability loss in production - Ateshgah Heyat, Qala Heyat and Pasha Heyat.
The State Insurance Supervision Service currently considers a number of proposals to establish life insurance companies. At the same time Fidan Sigorta company's license was suspended.
There are 29 insurance companies and one reinsurance companies in Azerbaijan.
The official exchange rate is 0.7862 AZN to $1 on Jan.18.