Azerbaijani Finance Ministry to Apply to Law-enforcement Authorities for Non-operating Insurance Company
Azerbaijan, Baku, 30 January / Trend corr U. Ismayilova / The Azerbaijani Finance Ministry intends to apply to the law-enforcement authorities to deal with the Azerbaijani Qorqud Sigorta insurance company which was shut down in December 2007, said Namig Khalilov, the head of the State Insurance Control at the Finance Ministry on 30 January.
"The Finance Ministry has given its last warning to the company. If Qorqud Sigorta does not stop its illegal actions, the Ministry will apply to adequate authorities," Khalilov said.
During the quarter inspection, the Ministry made it clear that the activity of Qorgud Sigorta is contrary to the section of article N46 on the Law on Insurance. According to law, the capital of the company should not be less than the authorized capital. On 14 September, the Ministry of Finances cancelled the license of Qorgud Sigorta which was issued on 25 October 2006.
According to Khalilov, despite having their license revoked in December, Qorgud Sigorta continued to conduct insurance agreements with insurers, an illegal activity.
In 2006 Qorgud Sigorta replaced Birlik Sigorta company in the insurance market of Azerbaijan. The activity of Birlik Sigorta was ceased due to non-fulfilment of its liabilities before the clients. The founders of the company made structure changes and renamed the company as Qorgud Sigorta.
This week the company will divulge its position on the Ministry's statements at a press conference, the Director General of Qorqud Sigorta Ali Kachan, said on 30 January.