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Azerbaijan to grant termless license to one more insurer

01 July 2008 16:34 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Azerbaijanâ€™s Star Alliance Insurance Company is to receive a termless license from the Ministry of Finance.
Said Huseynov, Chairman of the Company, said the documents have already been submitted to the ministry. The companyâ€™s current license is expiring this month. Under the new Insurance Law, insurers will be granted termless licenses in the country.
Two insurers â€“ Azergarant and kavkaz Sighorta have been granted termless licenses.
Gunay Anadolu is also expected to receive a termless license in a few days.
Star Alliance has been in operation since 1998. The company earned AZN 680 000 in premiums and paid AZN 213 000 for insurance claims in 2007.
As of July 1, the companyâ€™s authorized capital stood at AZN 1.961 million. The company provides 14 voluntary and 2 compulsory types of insurance services.