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Baku. The International Insurance Company has obtained a permanent license for insurance activities.
According to the state insurance inspection service under the Finance Ministry, the license was given to the company on July 13, 2012 after "the previous license has expired."
The company is also ready to join the Obligatory Insurance Bureau. It has all required documents and met all technical conditions for joining the Bureau. According to the demands, within six months it has opened branch offices and representations in all 10 regions of the country.
It has also purchased software, which is used by the Bureau members for the obligatory insurance office work. By present 20 insurance companies have permanent license for the insurance activities in Azerbaijan.
International Insurance Company started to work at the local insurance market since April 2002.
The founder and the only shareholder of the company is International Bank of Azerbaijan (IBA).
The company offers 32 types of voluntary insurance. During first five months it collected 6.43 million AZN and paid 2.23 million AZN to the insurance accidents.
The authorized capital of the company is 8.8 million AZN.