Baku, Azerbaijan, Sept. 9
By Zulfiyya Gurbanova - Trend:
Azerbaijan's Finance Ministry revoked the license of the insurance company Royal Sıgorta, earlier issued for an insurance activity, according to a message from the State Insurance Supervision Service of Azerbaijan.
The license was revoked due to the fact that the company did not address the shortcomings in its work in the timeframe allocated by the legislation, according to the message.
The insurance company's license was suspended earlier by the Finance Ministry's decision dated Feb. 24, 2014.
Six months were allocated under the insurance legislation to address the shortcomings in the company's activities, which led to the suspension of its license.
The minimum total capital of insurance companies, working in the non-life insurance sector, is set at five million AZN.
Royal Sigorta was registered on October 11, 2011.
The State Service for Insurance Supervision granted Royal Sıgorta on December 28, 2011 with a five-year license to conduct the insurance activities.
The insurance company's founders are five individuals.
Following the revocation of Royal Sıgorta's license there remain 27 insurance and a reinsurance company on the insurance market.
The official exchange rate on Sept. 9 is 0.7843 AZN/USD.
Edited by CN