Licenses of two insurance companies in Azerbaijan suspended

Photo: Licenses of two insurance companies in Azerbaijan suspended
 / Business News

Baku, Azerbaijan, March 6

By Abbas Akhundov - Trend:

State Insurance Supervision Service of Azerbaijani Finance Ministry has suspended the licenses of two insurance companies - Royal Sıgorta and Gunay Sıgorta, according to a message from the insurance supervision service.

The reason for this decision, taken by Finance Ministry on Feb. 24, was the discrepancy of these companies' total capital with the minimum requirements of the regulator (State Insurance Supervision Service), according to the message.

Earlier, the ministry kept the requirements for minimum amount of total capital of insurers, operating in the non-life insurance sector, at the level of five million manats.

Azerbaijani Gunay Bank is the sole shareholder of Gunay Sıgorta, which has worked in Azerbaijan since 1992.

Royal Sıgorta passed state registration on October 11, 2011.

On December 28, 2011 the State Insurance Supervision Service issued a five-year license to Royal Sıgorta for insurance activities. Five individuals are the founders of the insurance company.

There are 28 insurance in Azerbaijan (including Gunay Sıgorta and Royal Sıgorta) and a reinsurance company.

The official exchange rate on March 6 is 0.7844 AZN / USD.

Translated by E.A.

Edited by C.N.

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