Baku, Azerbaijan, March 4
By Abbas Akhundov - Trend:
International Insurance Company (IIC) plans to get a license to carry out reinsurance activity, chairman of the company board Mammad Sadikh Mammadov told Trend on March 3.
Insurers will be required to get a separate licence for carrying out reinsurance operations according to the amendments made to Azerbaijan's insurance legislation in late 2013.
The company's fees amounted to 13.45 million manat, while payments totalled 5.58 million manat in 2013, according to the State Insurance Supervision Service under the Ministry of Finance.
For 2014, the company expects its fees to be no less than in 2013, according to Mammadov. The limitations on car loans had a negative impact on the company's business, nevertheless it is working on new projects to compensate for this damage, according to the board chairman.
The International Insurance Company was founded in 2002.
The official exchange rate on March 4 is 0.7844 AZN/USD.
Translated by L.Z.
Edited by S.M.