Baku, Finance Time. Having received the open-ended license on insurance business from the Ministry of Finance of the Republic of Azerbaijan on 13 July, the International Insurance Company (IIC) applied to State Insurance Control Service again.

The IIC applied to State Insurance Control Service on 20 July in order to receive the permission for conduct on 4 different types of compulsory insurance which is monitored by obligatory insurance Bureau.

As it was pointed out by company, besides the inquiry itself, the documentation which verifies the implementation of technical requirements by organization for membership in obligatory insurance Bureau that is comprised of the availability of no less than 10 regional representatives as well as of the application of special software that works for setting up the interface with the bureau network had been submitted to State Insurance Control Service.

Azer Bayramov, the deputy of the Minister of Finance, controls the insurance sector and he had claimed earlier that the provision of permission on compulsory insurance for IIC cannot be considered unless the major license is renewed.

According to requirements for Bureau members on compulsory insurance, the IIC launched offices at the all 10 Azerbaijan economic zones before 1 July 2012. At the same time, the company acquired special software that is carried out by Bureau members with the purpose to execute the clerical works on compulsory insurance as well as on connection with the Bureau’s system.

Currently the IIC’s aggregate capital is estimated at the level of 5.5 million mantas that is sufficient in order to be admitted to Bureau.

The IIC was founded by International Bank of Azerbaijan in 2002 and is one of the largest companies in Azerbaijan’s insurance market. Nowadays, the organization provides 34 different types of insurance services to its clients.