A New Company Appeared in Azerbaijan Insurance Market

Business Materials 18 December 2006 20:54 (UTC +04:00)

The Azerbaijan Finance Ministry granted a special permission on rendering insurance activity in the country. Namig Khalilov, Chief of the Department for Insurance Control of the Azerbaijan Finance Ministry, told Trend that in accordance with the existing legislation of the Country, the corresponding license had been granted to Azsigorta JSC.

Azsigorta JSC was established by one physical person. The authorized capital of the Company is 1 mln. AZN.

The license of AzSigorta includes the permission on 3-4 types of obligatory insurance and more than 20 types of voluntary ones.

It is the second license granted to fulfill insurance activity in the country. The corresponding permission has already been granted to Pasha Sigorta CJSC this year. 20 insurance companies work in the country.

In 2006, the Insurance Control Department restricted the licenses of the two insurance companies - AzerGarant and Absheron, due to violations revealed as a result of check ups. Last year, the Ministry suspended the activity on some types of insurance services presented by Gunay Anadolu and Era Trans. However, they still function with the restricted licenses.