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New life insurance company to start to operate in Azerbaijan this year

30 September 2011 12:31 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Newly-established Standard Life insurance company is expected to obtain relevant license by the end of this year, deputy board chairman of Standard Insurance Aydin Rehmanov said.

To him, founding documents of the company and other relevant documents connected with obtaining a license have been submitted to State Insurance Supervision Service of the Finance Ministry: â€œCurrently, the documents are investigated on appropriate procedure rules of the ministry. We hope that the license will be obtained until the end of the yearâ€.

Note that, Standard Life insurance companyâ€™s authorized capital makes AZN 5 mln.

Remind that, at present, only 3 companies â€“ Pasha Life, Ateshgah Life and Gala Life render services on life insurance I Azerbaijan.

Standard Insurance company has been in operation since October of 2002. It operates on 5 compulsory and 24 voluntary insurance types.