Perpetual license issued to one more Azerbaijani insurer
Azerbaijan, Baku, Oct. 16 /Trend A.Akhundov/
The State Insurance Control Service of the Finance Ministry has issued a perpetual license for insurance activity to 'Standard Insurance' company.
This was stated in the report of State Insurance Control Service published on Tuesday.
"The license was issued on October 8 due to expiration of previously issued permit," the report says.
Some 23 of 29 insurance companies (including one reinsurance company) operating within the country have been issued a perpetual licenses for by Finance Ministry of Azerbaijan.
According to the law 'On Insurance activity' which came into effect in March of 2008, the issued permits for insurance activity in the country are perpetual,while previously they were issued for the period of 5 years. Newly established companies are issued a permit for the period of 5 years. Upon the expiration of the license, the companies can apply for perpetual permit.
The State Insurance Control Service has updated insurance activity permits for 23 companies, licensing process of other companies in accordance with new legislation will be completed in 2016.
The licenses of one more insurance company - Qarant Sigorta and the only reinsurance company AzRE are expiring in 2012, licenses of Alfa Sigorta and Qala Heyat Sigorta in 2013, Pasha Heyat Sigorta and Royal Sigorta - in 2016.
One of major insurance companies in Azerbaijan Standard Insurance has been operating in the market since 2002. The company provides 28 types of insurance services.