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Azerbaijan’s Xalq Life Insurance appeals for license

Finance Materials 28 November 2018 19:45
The Azerbaijani insurance company Xalq Life Insurance has appealed to Azerbaijan’s Financial Market Supervisory Authority (FIMSA) for obtaining an insurance license.
Azerbaijan’s Xalq Life Insurance appeals for license

Baku, Azerbaijan, Nov. 28

By Taleh Mursagulov – Trend:

The Azerbaijani insurance company Xalq Life Insurance has appealed to Azerbaijan’s Financial Market Supervisory Authority (FIMSA) for obtaining an insurance license, a source in the Azerbaijani insurance market told Trend.

FIMSA provided the company with a list of necessary documents, the source said.

The source didn't specify when the document collection process will be complete.

Xalq Life Insurance passed state registration with a registered capital of 15 million manats. Official representative of the company is Deputy Chairman of Xalq Insurance Roman Valiyev.

If the insurance company receives a license from FIMSA, there will be four insurance companies in Azerbaijan rendering life insurance services.

Presently, there are three companies operating in life insurance in Azerbaijan - Ateshgah Life Insurance, Qala Life Insurance and PASHA Life Insurance.

(1.7 AZN = 1 USD on Nov. 28)

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Follow the author on Twitter: @TalehMursagulov

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