Bank Of Baku

New life insurance company may start to function in Azerbaijan in the near future

New life insurance company may start to function in Azerbaijan in the near future
# 08 July 2011 08:16 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Azerbaijan’s Finance Ministry may give a license to newly-established Standard Life insurance company, board chairman Kamal Ibrahimov told APA.

To him, incorporation and other documents have already been presented to State Insurance Supervision Service under the Finance Ministry of Azerbaijan: “For starting to function, the new company needs only obtaining of a license which depends on the ministry. We hope that the license will be given soon”.

Note that, Standard Life’s authorized capital makes AZN 5 mln.

Remind that, at present, 3 companies operate in life insurance market of Azerbaijan – PASHA Life, Ateshgah Life and Gala Life.

Standard Insurance has been in operation since 2002. The company has 2 representations in Baku and regions. Currently, the company operates on 5 compulsory and 24 voluntary insurance types.
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