Insurance company Xalq Hayat Sigorta was registered on November 23 and has applied to Azerbaijan's Financial Market Supervisory Authority (FIMSA) for obtaining an insurance license, the news agency Trend wrote.

Charter capital of the new insurer is AZN 15 million (~EUR 7.7 million), and its official representative is Deputy Chairman of Xalq Insurance Roman VALIYEV.

In case Xalq Hayat Sigorta receives a license from FIMSA, there will be four life insurers in Azerbaijan.

Currently there are three companies operating in life insurance in the local market - Ateshgah Life Insurance, Qala Life Insurance and PASHA Life Insurance.