Azerbaijan’s Xalq Life Insurance appeals for license

By  Trend

The Azerbaijani insurance company Xalq Life Insurance has appealed to Azerbaijan’s Financial Market Supervisory Authority (FIMSA) for obtaining an insurance license, a source in the Azerbaijani insurance market told Trend.

FIMSA provided the company with a list of necessary documents, the source said.

The source didn't specify when the document collection process will be complete.

Xalq Life Insurance passed state registration with a registered capital of 15 million manats. Official representative of the company is Deputy Chairman of Xalq Insurance Roman Valiyev.

If the insurance company receives a license from FIMSA, there will be four insurance companies in Azerbaijan rendering life insurance services.

Presently, there are three companies operating in life insurance in Azerbaijan - Ateshgah Life Insurance, Qala Life Insurance and PASHA Life Insurance.

(1.7 AZN = 1 USD on Nov. 28)