Perpetual license issued to other insurance company in Azerbaijan
Azerbaijan, Baku, July 18 /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 Beynəlxalq Sığorta Şirkəti.
It is stated in the report of the State Insurance Service on Wednesday.
"The license was issued on July 13 in connection with the expiration of a previously issued permit," said in a statement.
Azerbaijani Ministry of Finance today issued perpetual licenses for insurance activities to 22 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 22 companies, and the process of other companies licensing under the new legislation will be fully completed in 2016.
The term of 2 insurance companies licenses will expires in 2012 (Qarant Sığorta and 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.
JSC Beynəlxalq Sığorta Şirkəti is one of the largest insurers of Azerbaijan. The company was established by the International Bank of Azerbaijan in 2002 and currently provides its customers with 34 types of insurance services.