Bank Of Baku

Gala Sigorta transfers its insurance portfolio to Garant Sigorta

Gala Sigorta transfers its insurance portfolio to Garant Sigorta
# 07 December 2010 12:22 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Azerbaijan-based Gala Sigorta Company has transferred its current portfolio on non-life insurance to Garant Sigorta, Chairman of Board of Directors of Gala Sigorta Abbas Babayev told APA.

According to him, approximately AZN 10 000 was transferred to Garant Sigorta in accordance to decision of shareholders. The customers were warned about this.

According to him, the cause of changing of company’s licence to life insurance is related with future perspectives of life insurance in Azerbaijan: “There are enough insurance companies engaging in non-life insurance in Azerbaijan. That’s why, the shareholders decided to change the licence to life insurance at the last meeting”.

Note that, State Insurance Control Service has renamed the company as Gala Life, in November 30, 2010.

Remind that, Gala Life Insurance Company has been in existence since 2008. The company operates 2 compulsory and 1 voluntary insurance types.
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