The insurance market increased by re-insurers. Now there are six.
State Insurance Supervision Service has issued a license for reinsurance activity to five local insurance companies. These are public liability companies Ata Sigorta, AXA MBASK, Ipek Yolu Sigorta, Pasha Hayat Sigorta and Standard Insurance.
Innovation applied in accordance with approved in December last year amendments to the law "On insurance activity". Since March this year, insurance companies interested in reinsurance business, get a separate license for reinsurance activity.
As stated previously the chairman of the State Insurance Supervision Service Finance AR Namik Khalilov, a division of insurance and reinsurance business is aimed at ensuring financial stability, professional participants of the insurance market.
According to the requirements of the Ministry of Finance, insurance companies interested in obtaining a license for reinsurance activity must have a minimum capital of 7.5 million manat. - 17D-
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