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One more life insurance company applies for license in Azerbaijan

06 June 2011 07:21 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijanâ€™s AtaHolding Group of Companies applied to Ministry of Finance to get a license for establishment of specialized company on the life insurance, chief of board of directors Farid Asadov told APA.

To him, documents on activity of â€œAta Hayatâ€ insurance company and other documents have been submitted to the State Insurance Supervision Service under the Ministry of Finance: â€œGiving of a license will depend on the controlling authorityâ€.

Asadov added that the appointment of the new company’s chairman and his deputies will be realized after obtaining a license: â€œThe company intends to provide services for all types of life insurance. The company was established by AZN 5 mln authorized capitalâ€.

Reliable sources told APA-Economics, the post of chairman of the new company is expected to be appointed a former executive director of the Azerbaijan Insurance Association Gafar Majidov, who has already passed for this purpose the relevant test exams of the State Insurance Supervision Service under the Ministry of Finance.