OREANDA-NEWS. February 15, 2011. The interest in the establishment of life insurance companies has increased in Azerbaijan, reported the press-centre of IBA.

As it became known to Fineko / abc.az from the informed sources, the International Insurance Company (IIC) declared about its intention to establish its own life insurance company.

"The management of IIC has already submitted an appropriate appeal to its founder - the largest International Bank of Azerbaijan" in the country, - said the source.

In this case, the International Bank for 50.2% is owned by the state, and possible solutions in this direction will require coordination with its main shareholder in the person of the Ministry of Finance of Azerbaijan.

"IIC initiates the establishment of the life insurance company in connection with the great perspectives for this market segment in the country and the reluctance to lose customers for life insurance due to their transition to the services of other companies" - noted the source.
Until March 15 the insurance companies of Azerbaijan should either curtail their own life insurance business or transfer it to the specialized insurance companies.