Baku, Azerbaijan, Jan.4
By Emin Aliyev -Trend:
According to the State Insurance Supervision Service under the Ministry of Finance of Azerbaijan, in 2013 three more insurance companies of the country were granted a perpetual license.
Thus, in April 2013 the corresponding license was issued to Alfa-Sigorta, and in July to two companies - Qala Heyat Sıgorta and Qarant Sıgorta.
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.
Some 27 of 29 insurance companies (including one reinsurance company) operating within the country have been issued a perpetual licenses by Finance Ministry of Azerbaijan, licensing process of other companies in accordance with new legislation will be completed in 2016 with expiry of licenses of companies Pasha Heyat Sıgorta and Royal Sıgorta.
In total 28 insurance companies and one reinsurance company operate in Azerbaijan.
Translated by M.L.