Another Azerbaijani company receives license for life insurance activities

Finance Materials 23 February 2021 11:01 (UTC +04:00)

BAKU, Azerbaijan, Feb.23

By Zeyni Jafarov – Trend:

The number of organizations providing life insurance services has increased in the Azerbaijani insurance market, the Central Bank of Azerbaijan (CBA) stated in its Twitter page, Trend reports on Feb.23.

According to the CBA, in accordance with Article 51.4 of the Law of Azerbaijan ‘On Insurance Activities’, on February 19, 2021, Mega Life Insurance OJSC was issued the corresponding license No. SF-0003 which entitles the company to carry out insurance activities for a period of five years.

The life insurance market in Azerbaijan has been operating since 2011. Until now, four companies have been licensed to provide life insurance services: PASHA Life, Ateshgah Life, Qala Life, and Xalg Life.