Azerbaijan, Baku / Trend corr. U.Ismaylova / Azerbaijan insurance company Kavkaz Sigorta is planning to increase its authorized capital by AZN300,000 and to make it AZN1mln, Azar Aliyev, the Director General of the company, said on 25 September.
In accordance with the acting bill on 'insurance', the minimum paid capital of companies must total AZN 700,000. However, the sum of the paid authorized capital should be AZN 1mln by 1 January 2008 in compliance with the new bill.
The company is planning to become an open joint stock company.
The company will open new offices in three regions, as well as two additional sale offices in Baku.
Kavkaz Sigorta has three offices in Baku, Ganja and Lankaran.