OREANDA-NEWS. July 09, 2008. The International Insurance Company (IIC) will within the next few days start application of the new automated payment system for customers, reported the press-centre of International Bank of Azerbaijan.

According to Mr. Vusal Rajabli, the Company’s marketing department manager, by using this system, customers will be able to pay insurance premiums from any ATM by instalments. An agreement has been reached in connection herewith between the Company and AzeriCard Processing Centre.

So, all cards emitted by AzeriCard for the payment of insurance premiums will be used in all ATMs installed in any district and city of the republic.

It is necessary to note that this system will first be applied in the insurance market of Azerbaijan by IIC.

IIC, owned by the International Bank of Azerbaijan, earned AZN 10,897 million in premiums, paid AZN 2,095 million for insurance claims and got AZN 1,939 million in profit during 2007.

As of June 1, the Company’s authorized capital stood at AZN 8,8 million. The company provides 29 voluntary and 4 compulsory types of insurance services.