Azerbaijani insurer to expand branch network
The provision of compulsory insurance will require an expansion of the branch network of the Azerbaijani International Insurance Company (IIC), CEO of the company Mamed Sadiq Mamedov said.
The company appealed to the Ministry of Finance in 2012 for a license for compulsory insurance on immovable property, compulsory liability insurance for vehicle owners (CTP), and liability insurance for the operation of real estate.
The company has branches in Ganja, Sumgait and Sheki. According
to eligibility requirements for membership in the Bureau of
compulsory insurance, the insurer must have a branch or
representative office and the ability to complete the payment of
damages at least in one of the districts or cities of 10 economic
regions, excluding the occupied territories.
Mamedov said that it is impractical to open new branches without
obtaining a license for compulsory insurance.
Branches and representative offices should be established in the following economic areas: Absheron, Aran, Nagorno-Shirvan, Ganja-Gazakh, Guba-Khachmaz, Lenkoran, Nakhchivan, Kelbajar, Lachin, Sheki-Zagatala and Nagorno-Karabakh.
The insurer shall ensure the placement of data on its website regarding its branches and representative offices, including their addresses and phone numbers.
The International Insurance Company was established in 2002.
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