Azerbaijan, Baku, March 9 /Trend A.Akhundov/
The State Service for Insurance Supervision under the Ministry of Finance of Azerbaijan has withdrawn the licence belonging to insurance broker Fidan Sığorta, according to a report published on Friday.
A six-month period had been given to enable the company to resolve its problems during which its insurance licence had been temporarily suspended, but that expired in late February.
The State Insurance department suspended lFidan Sığorta's licemce in late August of last year because of its failure to perform notifications to the Ministry of Finance on the existing regulations on financial stability and solvency of the company.
The minimum requirement of the Ministry of Finance for insurers' authorised capital amounts to three million manat to January 1, 2011, four million manat to the beginning of 2012, while the paid capital of Fidan Sığorta amounted to only 2.26 million manat.
"The licence was withdrawn due to the fact the company did not resolve its problems during which its license was suspended," the State Insurance said.
The license was abolished by relevant order of the ministry on March 6. This reduces the number of insurance companies in the Azerbaijani market to 28.
Fidan Sığorta insurance company, established by one legal and two individuals, had been operating in Azerbaijan since 1994.
Official exchange rate on March 9 is 0.7863 AZN/USD