Perpetual license issued to other insurance company in Azerbaijan
Azerbaijan, Baku, March 9 /Trend A.Akhundov/
The State Service for Insurance Supervision at the Ministry of Finance of Azerbaijan issued a perpetual license for insurance activity of insurance companies "Atəşgah".
It is stated in the report of the State Insurance Service, on Friday.
Azerbaijani Ministry of Finance today issued perpetual licenses for insurance activities to 19 insurance companies. There are 29 insurance companies in the country (including a reinsurance company).
In accordance with the law 'On insurance activity ", which came into force in March 2008, authorization for insurance activities in the country are issued for perpetual period today, whereas previously they were given for a period of five years. First permit for newly created companies issued for a period of five years.
Companies can apply for a perpetual license after the license expiration date. State Insurance renewed authorization for the insurance activities of 19 companies, and the process of other companies licensing under the new legislation will be fully completed in 2016.
The term of six insurance companies licenses will expires in 2012 (Temz Sığorta Qrupu, Azərbaycan Sənaye Sığorta, Meqa Sığorta, Beynəlxalq Sığorta Şirkəti, Qarant Sığorta, Standard İnsurance), the license of only reinsurance company AzRE, Alfa Sığorta and Qala Həyat Sığorta companies - in 2013, companies Paşa Həyat Sığorta and Royal Sığorta - in 2016.
Ateshgah was established in 1996