Head of MBASK: Azerbaijani Insurance Companies Have Prospects for Exit to International Market
Azerbaijan, Baku / corr Trend U.Ismayilova / Jamil Malikov, the chairman of the Azerbaijani insurance company MBASK, stated on 19 May that Azerbaijani insurance companies have prospects for exit to international market.
Addressing the conference in Tbilisi this week, head of the Baku Interbank Currency Exchange, Farhad Amirbayov, did not rule out that in future Azerbaijani insurance companies can appear in Georgia to support business.
Malikov said that it is necessary to overcome the internal obstacles for further exit of insurance companies to international arena.
Malikov noted that from the legal aspect it is necessary to have a permit of a country where the company intends to open its branch, as well as permit of the state insurance control of Azerbaijan.
The chairman of MBASK announced that the company should have highly qualified personnel, necessary technology and sufficient capital to cover high risks to enter the international market.
The statutory capital of MBASK, which has been active at the insurance market of Azerbaijan since 1992, is AZN 2mln.