Next year will be the real issue loans under life insurance

The insurance company Pasha Hayat Sigorta for the first time in Azerbaijan will start to give customers real loans under life insurance. Meanwhile common are preferential tariffs, discounts and other privileges within the framework of individual corporate relations.

As the vice-president Niyaz Ismailov told Turan, the innovation is provided on the amended Article 17.1 of the Law of the Republic of Azerbaijan "On insurance activity ". According to the document, the insurer under the life insurance can provide the insured loan within 50 percent of the redemption amount with its pledge under the condition that the insurance contract shall remain in force for at least 2 years. In this case, the loan can not be granted for a period longer than the period remaining until the expiration of the contract of insurance.

The rules provided for in this Article shall be established by the State Insurance Supervision Service. According to its chairman Namik Khalilov, they have been developed and presented to management for approval by the Ministry of Finance.

Insurance company of Pasha Hayat Sigorta got license for insurance activity on February 14, 2011. The sole shareholder of the company is Pasha Holding.

The authorized capital is 25.2 million manat.

In January - November this year, the company collected 28.38 million manat of premiums and paid 739.13 thousand manats.

In Azerbaijan, there are three insurance companies in the sector of life insurance, whose activities are concentrated in the city of Baku. - 17D-