Bank Of Baku

Life insurance market to be extended in Azerbaijan

Life insurance market to be extended in Azerbaijan
# 21 December 2010 12:25 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Potential insurance premium on Compulsory Insurance against Industrial Accidents & Occupational Diseases insurance type is expected to made AZN 30-40 mln, after employment of this law, Namig Khalilov, director of the Finance Ministry’s State Insurance Supervision Service told APA.

According to him, According to law on “Insurance Operation” the companies operating on non-life insurance can not operate on life insurance. Only two insurance companies can operate on life insurance – Gala Life and Ateshgah Life Insurance Companies. According to law, the companies must sign contracts with companies operating on life insurance.

He also noted that, the contracts on these types are signed termless.
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